Megawide posts P2.8B net income in FY 2022

MEGAWIDE Construction Corp. reported a consolidated net income of P2.8 billion in the fiscal year 2022 and reversed the P893.2 million loss incurred the previous year.

Consolidated revenues amounted to P14.8 billion, contributed largely by the construction business and a portion from land port operations.

The fiscal year 2022 results included exceptional gains from the airport transaction, representing part of the upfronted value from the divestment in GMR Megawide Cebu Airport Corp., and one-off items related to terminated projects in the construction segment that were negatively impacted by the Covid-19 pandemic in 2020.

Consolidated earnings before interest, taxes, depreciation, and amortization for continuing operations, which excludes one-off items, reached P2 billion versus the previous year’s P2.9 billion. (PR)