Megawide Construction Corp. said Tuesday it is on track to meet its P2.1-billion net income target for 2017 after posting strong third-quarter earnings.
Megawide in a filing with the Philippine Stock Exchange said consolidated net income reached P1.7 billion in the first nine months of 2017, up 7 percent from the same period last year, boosted by the positive performance of its airport and construction business.
The company generated consolidated revenues of P14.3 billion in January to September, an increase of 4 percent from a year ago.
The P14.3-billion revenues already accounted for 77 percent of the company’s full-year revenue guidance of P18.6 billion.
“Megawide is poised to hit its 2017 guidance, as our construction business bounced back with a strong 3rd quarter and the airport business continued its double digit growth trajectory,” Megawide chairman and chief executive Edgar Saavedra said.
Construction business, which contributed 87 percent of total revenues, delivered P12.4 billion in sales for the period. Jenniffer B. Austria