EEI posts P657-million net income for 2010

MANILA, Philippines - Construction giant EEI Corp. reported a net income of P657 million last year, up 16.7 percent from P563 million in 2009.

No other details were provided by the company.

EEI said its board declared total cash dividends of P0.10 per share. The cash dividends will be issued in four tranches of P.025 each to stockholders on record as of April 8, June 6, Sept. 6 and December.

As of end-September this year, EE’s total domestic backlog amounted P7.67 billion, including the backlog of subsidiaries worth P381.17 million.

The orders backlog of EEI’s overseas joint venture company, Al Rushaid Construction Co. (ARCC) as of the same period last year amounted to P11.20 billion.

The company remains optimistic about its prospects for the rest of the year as it continues to pursue new prospects for both local and foreign-based projects.

EEI’s presence in the Kingdom of Saudi Arabia (KSA), coupled with its safety and quality records, its reputation in electro-mechanical construction, and its experience in the oil, gas and petrochemicals, power, metal extraction and processing industries may provide opportunities to acquire some subcontract projects from global engineering, procurement and construction (EPC) companies.