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Friday, April 18, 2014

MEG: Megawide profit jumps more than a third on completion of first PPP project

Megawide Construction Corp grew its profit by more than a third after the company completed its first classroom project under the government’s Public-Private Partnership (PPP) program.

In a regulatory filing, Megawide said its net income amounted to P1.40 billion in 2013, or 38 higher than the P1.01 billion registered in the prior year.

Gross revenues jumped by a third to P10.88 billion from P8.20 billion in 2012 due to the completion of the School Infrastructure Project of the Department of Education.

One of the most active participants of Aquino administration’s PPP scheme, Megawide secured two of the five contracts under the second phase of the School Infrastructure Project.

Megawide and partner World Citi Inc also bagged the contract to construct, operate and maintain the P5.7-billion Philippine Orthopedic Center for 25 years. The consortium submitted the lone offer for the project.

Early this month, the consortium of Megawide and India-based GMR Infrastructure was awarded the P17.5-billion Mactan Cebu International Airport Terminal Project.

The awarding of the project faced a delay because the Department of Transportation and Communications had to resolve conflict of interest issues raised by the second highest bidder, the Filinvest-Changi Consortium.

Incorporated in July 28, 2004 to engage primarily in general construction, Megawide began as the contractor of the SM group, particularly for its high-rise condominiums under SM Development Corp.

Megawide has since diversified by taking on contracts with other property developers and by venturing into the manufacturing of pre-fabricated materials. The company, which went public two years ago, is also eyeing construction ventures overseas.

Source: Interaksyon

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