EEI profit jumps 32%

MANILA, Philippines - Yuchengco-led contractor EEI Corp. recorded large gains in its profit last year on the back of a robust construction sector.

In a regulatory filing, EEI said consolidated net income jumped 32 percent to P975 million last year from P740 million a year earlier.

The company’s complete financial report has yet to be released to the public.

EEI generates revenues from local construction contracts and from foreign units EEI Corp. (Singapore) Pte. Ltd. and 49 percent-owned Al Rushaid Construction Co. Ltd.

It also earns from real estate sales of EEI Realty Corp. whose housing units were delayed due to typhoons and heavy rains encountered during the second and third quarter.

“In light of the company’s remarkable performance during the year, the board of directors declared a cash dividend of 20 centavos per share to common shareholders,” EEI added.

Hence, EEI will distribute a total of P207.256 million in cash dividends for the entire year.

Stockholders will receive five-centavo dividends each on April 29, June 28, Sept. 26 and Dec. 26.