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| The Megawide Corporation, part of the GMR-Megawide Cebu Airport Corporation that manages the Mactan-Cebu International Airport, expresses optimism the air travel industry will bounce back. Megawide reported on Monday (Aug. 17, 2020) that revenues of the MCIA dropped by 50.6 percent in the first half of 2020 as air travel demand plunged due to Covid-19 pandemic. (Phot From: John Rey Saavedra) |
[아시아뉴스통신=페이 기자] The Megawide Construction Corp. on Monday expressed optimism the air travel industry will bounce back to its usual splendor, even as it reported the Mactan-Cebu International Airport (MCIA) revenue drop by 50.6 percent in the first half of 2020 due to coronavirus disease 2019 (Covid-19) crisis.
Megawide chairman and chief executive officer Edgar Saavedra in a statement,“The situation we are in is unprecedented but we remain in high spirits for the company’s prospects moving forward. This is the reason why we are building our runway for the future, which we envision to propel us to even greater heights in the years to come.” MCIA also posted merchandising revenue of only PHP69 million during the period.
The drop in airport revenue dragged Megawide’s consolidated revenue down by 21 percent to PHP6.44 billion. Megawide suffered a net loss attributable to equity holders of PHP398 million for the period largely due to the MCIA concession, together with its foreign partner India’s GMR Infrastructure Ltd. MCIA is likely to see passenger traffic declining to three million for the full year, a level that was last seen more than 10 years ago, amid the dismal air travel demand due to the Covid-19 scare.
