Vol. XXI, No. 162 [ Business World Online ]
Tuesday, March 18, 2008 | MANILA, PHILIPPINES
LISTED CONSTRUCTION firm EEI Corp. yesterday reported that consolidated net income last year increased by 52% to P304 million from P200 million in 2006.
The Yuchengo-led firm traced the growth in earnings to the 42% rise in consolidated revenues at P7.48 billion from P5.26 billion due to strong orders booked in its overseas operation, the company said in a statement.
Company Chairman Rizalino S. Navarro said EEI continued to take advantage of the strong Middle East economy as construction work progressed during the year on contract packages worth a total of $270 million for the Eastern Petrochemical Co. and other clients in the Kingdom of Saudi Arabia.
EEI said its subsidiary, Al Rushaid Construction Co., is also involved in new contracts with oil giant Saudi Aramco and the construction of a new power and desalination plant in Shuqaiq, Saudi Arabia.
In addition, EEI is also involved in various contract packages in the Inco Goro nickel mining project in the South Pacific island of New Caledonia.
In 2007, EEI won the general contract for the construction of the 39-storey Mandarin Square in Binondo, the Makati Medical Center Annex building in Makati, and the Beacon Tower 1 of Geo Estate.
It likewise obtained the contract for the structural and electromechanical construction of Wyeth Phils.’ new plant in Laguna.
As of end-2007, the company’s total assets stood at P7.05 billion, 25% higher than P5.64 billion a year ago. Stockholders’ equity also improved to P2.25 billion from P1.51 billion as a result of positive earnings results.
The Yuchengco firm said that while its construction orders backlog remains healthy, it would be cautious on near-term economic prospects because of the slowdown in the US economy that has rattled global financial markets.
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