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Megawide swings to profit in Q1 2021 to P2.9 million
Megawide Construction Corporation said on Monday, May 24, that its net income attributable to equity holders reached P2.9 million during the first quarter of 2021, “signaling its return to a healthier performance.”
Revenues for the first quarter reached P3.72 billion, 92% of which was attributed to the construction segment as it grew 21% from the same period in 2020.
Landport operations at the Parañaque Integrated Terminal Exchange contributed P187 million. Revenues from the Mactan-Cebu International Airport only reached P115 million, with operations practically grinding to a halt.
Megawide said it is gunning for government contracts in the railway sector, as bidding for the Metro Manila Subway and the North-South Commuter Railway will be happening in 2021. The company is currently developing the Malolos-Clark Railway project.
DOE to review Dennis Uy’s Malampaya buyout
The Department of Energy (DOE) will review the acquisition of Shell Philippines Exploration (SPEX) by Malampaya Energy, a subsidiary of Dennis Uy’s Udenna Corporation.
SPEX holds a 45% operating interest in the Malampaya gas field.
Vista Land profits down 14% in Q1 2021
Vista Land and Lifescapes posted a net income of P2.1 billion in the first quarter of 2021, down 14% from the same period in 2020.
The company, however, noted that reservation sales hit P16 billion, 4% higher year-on-year and 14% higher on a quarter-on-quarter basis.
Real estate revenues dipped 13% to P6.3 billion, while leasing income went down 9% to P2 billion.
“We remain optimistic with the industry especially with current growth in [overseas Filipino] remittances for two consecutive months that is poised to hit the full-year target growth of 4%, according to the BSP (Bangko Sentral ng Pilipinas),” said Vista Land chairman Manuel Villar.
“Over 50% of our sales come from overseas Filipinos and the demand from the sector remains resilient amid the current challenging time.”
Global Ferronickel eyes 20% stake in Chinese nickel firm
The Global Ferronickel board has considered the proposal to acquire a 20% interest in Guangdong Century Tsingshan Nickel Industry (GCTN).
Global Ferronickel said it will enhance synergy between the company as ore supplier and GCTN as value-added processor.
Punongbayan & Araullo Grant Thornton will serve as external independent auditor for the deal.