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Megawide profits down 25.7% (22 Aug 2014)
Megawide Construction Corp. (MWIDE) has reported a 25.7% decline in net profit to PHP 55.1 million in the first 6 months of 2014. The lower earnings were brought about by higher operating expenses due mainly to the increase in salaries, wages, and software licenses.
Gross revenues jumped 21.1% to PHP 5.1 billion in the first half of 2014 from PHP 4.2 billion booked in the same period last year, mainly attributed by the following projects: Rockwell Business Center, Shangri-La Salcedo, BPO Araneta, and Grass 4 of SM Development Corp.
The cost of construction is at PHP 4.2 billion in 2014, up 21.9% from PHP 3.4 billion in 2013. (source: PinoyInvestor)
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