Infrastructure comer Megawide recently posted a Php2.2 billion consolidated net profit for the full year of 2017, 17% higher than the Php1.92 billion posted in 2016. Megawide chairman Edgar Saavedra described 2017 as a positive year for the company buoyed by the strong last quarter performance of its construction business and airport segment highlighted.
“The increase in passenger numbers at Mactan-Cebu International Airport (MCIA) is substantial,” Saavedra said. “When we took over operations in 2014, MCIA was handling about 6.5 million passengers.In 2017, we had a total of 9.97 million passengers with domestic passengers representing 69% of the total and international passengers at 31%.”
GMR Megawide Cebu airport corporation was able to add 12 international routes including seven destinations to and from Chinese cities, new direct flight to Bangkok and Kuala Lumpur, and additional flights to 23 domestic destinations. The company is on-track to open the second terminal of MCIA by June 2018 (Seen in photo). This will increase total terminal capacity to 12.5 million passengers per annum.
“Megawide’s diversification into the transportation infrastructure space by using engineering capabilities as its competitive advantage will remain the focus of the Company,” Saavedra said.