EEI profits reach P740 million in 2011
MANILA, Philippines - Yuchengco-led construction firm EEI Corp. said it posted net earnings of P740 million last year, up 12.6 percent from P657 million in 2010.
In a disclosure to the stock exchange, EEI also said its board approved the declaration of a cash dividend amounting to 10 centavos per share.
EEI expects to sustain its upward trajectory this year, driven by increased construction activity by the private sector coupled with improving operations overseas.
Total construction backlog from domestic projects amounted to P11.62 billion as of end-September 2011.
EEI’s 49-percent owned subsidiary in Saudi Arabia had a backlog worth P13.61 billion while its units in Singapore and New Caledonia reported backlogs worth a combined P566.7 million.
EEI is keen on bidding for road and expressway projects under the government’s Public-Private Partnership (PPP) program as it seeks to further boost its profitability.
The Aquino administration is targeting to bid out up to 16 PPP projects worth as much as P142 billion. Among these include the P20.18-billion North Luzon Expressway-South Luzon Expressway Connector Road; P19.69-billion CALA (Cavite and Laguna Side) Expressway; P11.3- billion Light Rail Transit 2 East Extension; P10.15-billion Mactan Terminal 2 Airport Development; and P8-billion New Bohol Airport.
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