EEI profits climb to P728 M in 9 mos

MANILA, Philippines - Yuchengco-led EEI Corp. reported a 25 percent rise in its nine-month income to P728.37 million, buoyed by robust activity in the construction business.

In a financial report submitted to the Philippine Stock Exchange, EEI said consolidated revenues jumped 63 percent to P10.14 billion, largely coming from domestic operations.

Revenues from local construction contracts surged 75 percent to P7.7 billion while revenues from services grew 39 percent, contributed mainly by EEI Corp. (Singapore) Pte. Ltd., a foreign subsidiary of EEI BVI Ltd.

Real estate sales, on the other hand, declined 67 percent to P25.77 million due to delays in the completion of housing units resulting from typhoons and heavy rains encountered during the second and third quarter by EEI Realty Corp.

EEI’s overseas operations, meanwhile, turned in revenues of P218.47 million, down 10 percent from P243.52 million.  Bulk of the amount came from the net income of 49 percent-owned Al Rushaid Construction Co. Ltd.

As of end-September this year, EEI still had P18.63 billion worth of progress portions of existing contracts, 65 percent of which are for domestic projects and the remaining 35 percent for foreign projects.