Megawide Construction Corp. said Monday it teamed up with Philippine Skylanders International Inc. to bid for the construction, operation, and maintenance of the Pasig River Expressway project.
Megawide said in a disclosure to the stock exchange it signed a memorandum of agreement with PSI for the possible participation of the company for the engineering, procurement and construction and O&M of the Pasig River Expressway Project.
The agreement sets out the preliminary terms and conditions of the expressway project. The company did not provide details of the project.
The proposed project involves the construction of a 20-kilometer viaduct over Pasig River and Laguna de Bay that aims to relieve the heavy traffic near Pasig River. It will start at Edsa near Fort Bonifacio North Gate and extend to Rizal province.
Megawide earlier reported a net profit of 1.26 billion in the first half, up 10 percent from P1.15 billion in the same period last year.
The increase was driven largely by the growth of the company’s airport business segment, which contributed 65 percent to consolidated net earnings.
The company’s construction business segment, which covered ‘Build, Build, Build’ projects such as the Paranaque Integrated Terminal Exchange, accounted for the remaining 35 percent.
Revenues from airport operations drove strong passenger volume. The Mactan-Cebu International Airport saw 5.8 million passengers in the first half, up from 5.1 million passengers in the same period last year.
First-half revenues for Megawide’s construction business came in at P7.4 billion.