Megawide Corp. Suffers First Net Loss in First Semester of 2020

Megawide Corp. (MEG) reported, for the first time in the company’s history, a net loss of ₱398 million for the first half of the year. MEG reported consolidated revenue of ₱6.44 billion, a 21% decline due to the impact of the coronavirus pandemic to its construction and airport businesses.

Edgar Saavedra, MEG chairman and CEO, said “The situation we are in is unprecedented but we remain in high spirits for the Company’s prospects moving forward. This is the reason why we are building our runway for the future, which we envision to propel us to even greater heights in the years to come,”

The Parañaque Integrated Terminal Exchange (PITX) delivered a revenue of ₱599 million and a net income of ₱255 million for the first half of 2020.

The PITX is an integrated terminal meant to consolidate transport services between Metro Manila and provinces from the South such as Batangas and Cavite.

MEG announced it would “push back” unnecessary costs and expenses.