Megawide sees P321 million net loss in Q3, notes 'restart' of developments after pandemic

ABS-CBN News

Posted at Nov 13 2020 07:14 PM

Megawide sees P321 million net loss in Q3, notes 'restart' of developments after pandemic 1

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 - Construction and airport operator Megawide recorded P321 million in net loss in the third quarter yet remains positive on future performance as the country saw a gradual economic pick-up after the COVID-19 drag.

Megawide incurred a net loss of P321 million in the third quarter from an income of P63 million a year ago, while January to September saw P610 million in net loss versus P649 million net income last year— decline attributed to the economic slowdown due to pandemic lockdowns.

Revenues, on the other hand, was at P2.6 billion in the third quarter which improved 80 percent from P1.45 billion in revenues in the second quarter, but a drop from P5.5 billion the same quarter a year ago.

Edgar Saavedra, Megawide Chairman and CEO, said the loosening of lockdown restrictions enabled the company to restart active development of its projects.

“Every day, economic activity resumes across the Philippines and this has a beneficial impact upon our ability to ramp up work across our project portfolio. We are confident this trajectory will continue as we are about the overall prospects for the Philippine economy at large as we build back from the pandemic," Saavedra said.

Its construction business improved quarter on quarter as revenues more than doubled to P2.55 billion from P1.07 billion in the second quarter.

Airports revenues also grew to P116 million in the third quarter from P74 million from the previous quarter.

Megawide said Mactan Cebu International Airport (MCIA) recorded over 2.5 million domestic and international passengers from January to September, while landport Parañaque Integrated Terminal Exchange hosts an average 42,000 commuters daily.

Aside from MCIA, Megawide-GMR took over the Ninoy Aquino International Airport rehabilitation project, as well as operations of the new Clark International Airport terminal set to open in January next year.

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