August 28, 2014 12:34 PM ET

Household Durables

Company Overview of Megawide Construction Corporation

Company Overview

Megawide Construction Corporation is engaged in the general construction business in the Philippines. It is primarily involved in constructing, enlarging, repairing, or engaging in various works upon buildings, houses and condominiums, roads, plants, bridges, piers, waterworks, railroads, and other structures. The company also owns, uses, improves, and develops various kinds of real estate. In addition, it undertakes general construction projects, which comprise site development, earth works, structural and civil works, masonry works, architectural finishes, electrical works, plumbing and sanitary works, fire protection works, and mechanical works. The company was founded in 1997 and is base...

Spring Building

2nd Floor

Arnaiz Ave. cor. P. Burgos St

Pasay,  1112

Philippines

Founded in 1997

Phone:

63 2 655 1111

Key Executives for Megawide Construction Corporation

Megawide Construction Corporation does not have any Key Executives recorded.

Megawide Construction Corporation Key Developments

Megawide Construction Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Megawide Construction Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported contract revenues of PHP 2,255,712,728 against PHP 1,517,224,247 a year ago. Operating profit was PHP 259,646,974 against PHP 268,868,337 a year ago. Profit before tax was PHP 228,113,982 against PHP 405,825,726 a year ago. Net profit was PHP 227,287,849 against PHP 425,267,645 a year ago. For the six months, the company reported contract revenues of PHP 5,055,311,501 against PHP 4,168,372,412 a year ago. Operating profit was PHP 692,175,833 against PHP 593,806,612 a year ago. Profit before tax was PHP 583,969,831 against PHP 766,745,877 a year ago. Net profit was PHP 556,056,125 against PHP 747,957,126 a year ago. Net cash used in operating activities of PHP 346,002,057 against net cash from operating activities of PHP 359,768,842 a year ago. Acquisitions of property and equipment were PHP 434,170,410 against PHP 530,351,948 a year ago. Book value per share as on June 30, 2014 was 5.52. Return on assets as on June 30, 2014 was 2.54%. Return on equity as on June 30, 2014 was 6.11%. The increase in revenue is due to projects that started in third and fourth quarter of 2013 and early 2014. These projects include Rockwell Business Center, Shangri-la Salcedo, BPO Araneta, and Grass 4 of SMDC.

Megawide Construction Seeks To Raise Funds

Megawide Construction Corporation (PSE:MWIDE) is planning to raise about PHP 5 billion toward the end of the year of 2014 to finance its diversification plans. Megawide Chief Financial Officer Oliver Tan told reporters last week that the company was mulling over a potential share sale in the latter part of 2014 although he did not rule out tapping the debt market anew. “We are beefing up our balance sheet in preparation for other PPP projects in the pipeline. So there is a need to expand our equity base. It will allow the company to participate in different big ticket items,” Tan said. The fresh funding was needed as Megawide said it would participate in new infrastructure projects the government was planning under its cornerstone PPP program. Megawide has already signaled plans to pursue an equity offer, as it sought shareholder approval to increase its authorized capital from P2 billion to P5 billion, from which it plans to create preferred shares. “This is just to give us flexibility [in fundraising],” Tan said. With new income streams apart from traditional construction, Megawide would double profits last year to about P2.8 billion by 2017, he explained.

Megawide Construction Corporation Announces Amendments to Articles of Incorporation

Megawide Construction Corporation announced that its stockholders at the annual stockholders meeting held on June 30, 2014 approved amendment of Articles of Incorporation and By-Laws to include the power to extend corporate guarantees to subsidiaries and affiliates for business purposes; and the authority of the Corporate Secretary to file the necessary application for amendment of Articles of Incorporation and By-Laws with the Securities and Exchange Commission; 6. Amendment of Article Seventh of the Articles of Incorporation to increase the authorized capital stock from PHP 2 Billion to PHP 5 Billion consisting of 5 Billion shares with a par value of PHP 1.00 each and declaration of stock dividends of 750,000,000 common shares of stock with a par value of PHP 1.00 each to be taken from the unrestricted retained earnings of Megawide as of December 31, 2013. The stockholders also approved amendment of the Articles of Incorporation and By-Laws to create preferred shares to be taken from the increase in authorized capital stock, subject To Approve the Securities and Exchange Commission and to authorize the Board of Directors and Management to determine the features, terms and conditions of the preferred shares.

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