Megawide Construction Corp delivered an 8% improvement in its attributable profit for the first three months of 2018, driven by the double-digit topline growth from its airport business which offset the seasonally slow construction segment.
In a regulatory filing, the listed firm reported a net income attributable to the parent of P475.29 million, higher than the P439.98 million it posted in the same period a year ago.
Revenues however slipped by 6.67% to P4.45 billion, following the slowdown in contract revenues seen for the period. Its construction business accounted for 84% of total revenues, or P3.7 billion, 11% lower year-on-year. Megawide attributed this decline to the cyclical nature of the construction business segment. — Arra B. Francia

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