EEI profit jumps 52% to P304M in 2007

MANILA, Philippines- Construction firm EEI Corp. on Monday reported that its net income surged 52 percent to P304 million in 2007, from the P200 million it earned the previous year. In a statement, the company said the growth in earnings was on the back of the 42 percent rise in consolidated revenues to P7.483 billion from P5.259 billion in 2006. The huge revenue jump, in turn, was due to strong orders book, principally from its overseas operations. EEI 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. "The company is currently undertaking the Balance-of-Plant construction, erection and commissioning works in the 1.3 million tons per year ethylene plant and pyrolysis furnace contract for Sharq. [S]ubsidiary Al Rushaid Construction Co. is also involved in new contracts with ARAMCO and the construction of a new power and desalination plant in Shuqaiq also in KSA," the firm said. 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. Navarro said that for its part, the domestic construction industry posted strong performance in 2007 due in general to the 7.3 percent expansion in the economy, as well as the healthy property development sector and continuing investments and expansion projects of the industrial, manufacturing and mining companies in particular. During the year, EEI won the general contract for the construction of the the 39-storey Mandarin Square Building, which promises to be one of the tallest in the Binondo district, the Makati Medical Center Annex building in Makati City and the Beacon Tower 1 of Geo Estate. Likewise, EEI obtained the structural and electro-mechanical construction of Wyeth Phils.’ new manufacturing plant in Laguna. The company also engaged in various industrial and electro-mechanical projects for oil and gas and mining corporations during the year. - GMANews.TV