Megawide Construction Corp.’s net income declined 11 percent to P501 million in the nine months of the year from P562 million a year earlier, as lower revenues from winding down construction projects weighed on results. The figure, however, represents 92 percent of last year’s full-year net income.

In a Friday disclosure, the company said revenues dropped to P12.3 billion from P16.3 billion, a decline of 25 percent, mainly due to the construction segment, although the company noted rising contributions from real estate and steady income from landport operations.

“Our long-term growth roadmap is already gaining ground as we close the year.

From a profitability standpoint, we are on track to exceed our previous year’s performance, while we plant the seeds for future growth and gear up for a more resilient, sustainable, and stable shareholder value creation,” Megawide President and CEO Edgar Saavedra said.  

Construction operations contributed P10.4 billion, or 85 percent of consolidated revenues. The company attributed the performance to the winding down of several projects, which typically generate lower revenues based on the S-curve.

Real estate revenues surged to P1.52 billion — more than triple last year’s level — as ongoing projects advanced toward completion. Sales climbed to P3.38 billion, double from a year earlier, supported by new launches such as Lykke Condo and additional towers of One Lancaster Park.

Landport operations delivered P358 million in revenue, backed by continued high foot traffic averaging over 168,000 passengers daily as of end-September.

On the balance sheet side, Megawide retired P3.5 billion in short-term debt using proceeds from parent firm Citicore Holdings Investment, Inc.’s cash infusion.

Megawide’s Group CFO, Jez dela Cruz, said the company plans to retire a significant portion of its debt over the next 12 months to strengthen its financial position.

“Specifically, we intend to pare down P10 billion worth of our outstanding short-term debt to improve leverage, boost liquidity, and enhance our profitability,” dela Cruz said.