MEGAWIDE Construction Corp. Has bagged the engineering procurement settlement (EPC) to construct the second segment of the P10.1-billion Mandani Bay Quay waterfront task in Mandaue City, Cebu province.
In a disclosure on Wednesday, the listed infrastructure developer said constructing this segment of the project initiated through HTLand Inc., a joint assignment among Hongkong Land and Taft Properties, could begin this year and turned into expected to complete inside the first quarter of 2023 on the brand new.
Once completed, Mandani Bay Quay Phase 2 will characteristic 3 forty-story residential towers; one 30-tale office building; an services ground; two commercial stages; and 4 flooring of podium parking.
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According to Megawide, the venture lifted the amount of its new contracts from P16.Eight billion as of cease-September to P26.Nine billion, surpassing its P24-billion target by using 12 percent.
“It is the largest agreement for our production segment that we have booked to this point this 12 months,” Megawide Chair and Chief Executive Officer Edgar Saavedra said in the disclosure.
“Our possibilities inside the EPC business remain very bullish as we keep to increase our order ebook ranges and make sure revenue visibility for the following to a few years,” he delivered.
The settlement got here after Megawide’s internet income barely multiplied to P1.720 billion in the first 9 months of 2018 from P1.715 billion within the equal duration closing 12 months.
Its consolidated sales fell by 10.8 percentage to P12.75 billion in January-September from P14.3 billion a yr ago, which it attributed to the weaker performance of its creation commercial enterprise.
This phase only contributed P10.35 billion, a 16.5-percent decline from P12.4 billion in 2017.
Shares of Megawide rose by P1.06 or 6.31 percentage to close at P17.86 every on Wednesday.