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EEI Corporation posts P214.9 million 1st quarter net income in 2012, up for 81%...

EEI Corporation registered an unaudited consolidated net income of P214.9 million for the first three months of 2012, 81% higher than the P118.6 million it earned during the same period in 2011. Earnings per share for the first quarter of 2012 was at P0.2074 compared to the P0.1144 in the first quarter of 2011.
EEI Corporation's consolidated revenues of P3.27 billion for the first quarter of 2012 increased by a hefty 94% increase compared to the consolidated revenues of P1.69 billion booked in the same period in 2011. This is attributed mainly to the 89% increase in revenue provided by construction contracts, from P1.31 billion in the first three months of 2011 to P2.48 billion for the same period in 2012. Also contributing significantly to this growth was the revenue generated from services which increased by 150%, from P297.4 million to  P 744.5 million in the first quarter of this year.

In the first quarter of 2012, the Company was awarded seven (7) new local construction projects worth  P 4.31 billion. These include the contracts to construct the Novotel Manila Hotel of Araneta Center Hotel, Inc. in Quezon City; the Green Residences of SM Development Corporation in Manila; the Eastwood LeGrand 3 of Megaworld in Quezon City; the Levels Condominium Phase 1-A of Filinvest Land, Inc. in Alabang, Muntinlupa; contract packages of the Drdipio Process Plant for Oceana Gold Phils., Inc. in Nueva Vizcaya; the Asphalt Plant Facility for Petron Corporation; and, the Autoclave Installation Works for the Taganito Project for Royal Cargo Combined Logistics, Inc. in Claver, Surigao del Norte.

The Company is currently undertaking twenty other construction projects all over the Philippines and eight projects overseas, six of which are in the Kingdom of Saudi Arabia. The combined backlog representing portions of existing contracts that have yet to be completed is worth  P 22.56 billion.

With the developments in the industries that EEI Corporation serves, its Management is optimistic that the Company will meet its year-end goals.

EEI Corporation is a member of the Yuchengco Group of Companies and its shares of stock are publicly traded at the Philippine Stock Exchange (PSE).
 

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"EEI Corporation posts P214.9 million 1st quarter net income in 2012, up for 81%" was written by Mary under the Business category. It has been read 3193 times and generated 0 comments. The article was created on and updated on 19 May 2012.
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