Megawide raises earnings guidance due to new projects

Citing potential projects, listed Megawide Construction Corp. on Thursday said it is raising its expected earnings for the year. In a statement to the Philippine Stock Exchange, Megawide Construction said its earnings guidance will be increased to P800 million from the previous P560 million to P720 million it earlier issued. "The corporation is currently in talks with new clients for several key projects in line with the corporation's strategy to diversify client base and mitigate concentration risk. However, SM Development Corp. will remain as Megawide's top client," the company said. The company also revealed that it is intending to participate in biddings for selected infrastructure projects as well as issuing fixed corporate notes. -- CMA/OMG, GMA News