Megawide suffers 'first in history' net loss in H1, as virus hits airport, construction businesses

ABS-CBN News

Posted at Aug 17 2020 11:14 AM

The Terminal 2 of the Mactan-Cebu International Airport operated by the GMR-Megawide Cebu Airport Corporation in Mactan, Cebu in this photo taken June 7, 2018. Jonathan Cellona, ABS-CBN News/File

MANILA - Megawide Corp said Monday its consolidated revenues for the first half dropped due to the impact of the coronavirus pandemic to its construction and airport businesses. 

Consolidated revenues declined 21 percent to P6.44 billion, the company told the stock exchange. 

It suffered a net loss attributable to equity holders of P398 million for the period largely due to the Mactan-Cebu International Airport concession, "the first" in Megawide history, it said. 

Flights and passenger volumes were reduced since March due to COVID-19 global restrictions. Airlines were forced to shut and park their planes during the period. 

“The situation we are in is unprecedented but we remain in high spirits for the Company’s prospects moving forward. This is the reason why we are building our runway for the future, which we envision to propel us to even greater heights in the years to come,” Edgar Saavedra, Megawide chairman and CEO said.

The Parañaque Integrated Terminal Exchange (PITX), meanwhile delivered a P599 million revenue and a net income of P255 million for the first half of the year. 

The PITX is an integrated terminal meant to consolidate transport services between Metro Manila and provinces from the South such as Cavite and Batangas.

Megawide said it would "push back" unnecessary costs and expenses.