Connect with us

Hi, what are you looking for?

News

Megawide says 2023 a ‘renewed opportunity’ for more projects 

MEGAWIDE.COM.PH

MEGAWIDE Construction Corp. aims to pursue more projects this year, including transport infrastructure, as it banks on the confidence of its stakeholders, the company’s chairman said.

“As for Megawide, we see 2023 as a renewed opportunity to leverage on the confidence of our stakeholders as we pursue developments that accelerate the country’s growth, including transport infrastructure,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra told BusinessWorld recently.

“We also have a positive outlook for our precast and construction solutions business, which can take on construction contracts as part of our value chain in servicing the other contractors who are doing the infrastructures and commercial buildings,” he added.

The company seeks to diversify its revenue streams apart from general construction. It recently reported that its unit, the Precast and Construction Solutions, has the potential to become a growth driver for the company after recording P720 million in revenues for the first nine months of 2022, or higher by 2% than the previous year.

According to Mr. Saavedra, the company’s optimism is partly anchored on the government’s rollout of more projects, including rail and real estate.

“Affordable housing is where we can help address the nationwide housing backlog,” he said.

According to some analysts, the Philippine central bank is likely to continue monetary tightening this year as inflation is expected to remain above target until the second quarter.

Despite this, Megawide’s Mr. Saavedra said the construction industry is seen to sustain its post-pandemic momentum.

“In terms of rising interest rates, the industry runs a self-sustaining business model and will not necessarily be burdened by the increased cost of borrowing,” he noted.

On the demand side, he said that the company sees the real estate sector, especially the end-user segment in affordable to mid-market housing, to continue to generate healthy sales.

“Banks are offering flexible payment terms and long-term financing amid the pressure on interest rates, which augurs well for the buyers,” he added.

“And of course, there is the infrastructure push from the government started in previous leaderships, which will keep construction companies very busy in the coming years. Overall, the industry will remain vibrant and be a significant contributor to the economy.”

For the January-to-September period of 2022, the company’s attributable net loss widened to P445.3 million from a loss of P80.8 million in 2021.

The company’s consolidated net loss reached P970 million compared with the consolidated net loss of P510 million in 2021. This was “due to a higher loss contribution from the airport business as well as landport operations,” Megawide said in a statement. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’. Nadhim...

Editor’s Pick

<?xml encoding=”utf-8″ ??> With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike...

Editor’s Pick

<?xml encoding=”utf-8″ ??> TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the...

Editor’s Pick

<?xml encoding=”utf-8″ ??> NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy...

Editor’s Pick

<?xml encoding=”utf-8″ ??> British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme. These firms include a...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.