Tycoon Edgar Saavedra’s Megawide Construction Corp. booked a profit of P183.4 million during the first quarter of the year, reversing losses of P7.4 million in 2023 amid significant contributions from construction and land port operations.
The construction and engineering giant said revenues from January to March also rose 19 percent to P5.2 billion, driven by ongoing projects from 2023, a statement on Friday showed.
Construction revenues rose 16 percent to P4.9 billion, boosted by the Malolos Clark Railway Project and other major developments. Landport operations at the Parañaque Integrated Terminal Exchange saw a 19 percent revenue increase to P107 million, due to higher foot traffic and increased spending per passenger.
“The results of the first three months of the year reflect the impact of a normalizing operating environment, allowing our businesses to thrive,” said Saavedra, the chair and CEO of Megawide.
He said their emerging real estate arm, PH1 World Developers, continued to grow, thanks to ongoing projects like My Enso Lofts and The Hive
“Our real estate operations is slowly pitching in and will continue to see an increasing share of revenue down the road,” Saavedra said.
