EEI says construction backlog up 69% to P26.6b in 1st quarter
by Jenniffer B. Austria
EEI Corp., a unit of the Yuchengco group, said construction backlog from foreign and domestic projects reached P26.6 billion at the start of 2011, up 69 percent from P15.71 billion posted at the start of 2010.
EEI said in a filing with the Philippine Stock Exchange that the company also acquired P2.81 billion in new constructon projects worth P2.81 billion in the first quarter of the year.
EEI is optimistic it will meet its 2011 targets given the increase in construction backlog and acquisition of new projects.
The construction firm said new projects and orders backlog remained healthy in view of the sustained growth in the domestic construction industry. The outlook on the property sector remains positive while there is a resurgence in the industrial expansion projects both in the domestic and overseas markets.
EEI said its total backlog representing portions of existing contracts that had yet to be completed for local construction projects as of end of March had a net selling price of P10.12 billion while its 49-percent owned subsidiary in the Kingdom of Saudi Arabia, Al Rushaid Construction Co., had a current backlog of P16.51 billion.
"Despite the decline in net income for the first three months of the year compared to 2010 performance, the company remains confident of achieving its year-end goals," EEI said.
EEI registered an unaudited consolidated net income of P118.6 million in the first three months of 2011, down 31 percent from P172.2 million year-on-year.
Consolidated revenues amounted to P1.69 billion, up 11 percent from a year ago. EEI attributed the higher revenues from the 17 percent increase in revenue provided by construction contracts in the first three months of the year.
This article was published by Manila Standard Today, May 26, 2011.
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EEI Corp., a unit of the Yuchengco group, said construction backlog from foreign and domestic projects reached P26.6 billion at the start of 2011, up 69 percent from P15.71 billion posted at the start of 2010.
EEI said in a filing with the Philippine Stock Exchange that the company also acquired P2.81 billion in new constructon projects worth P2.81 billion in the first quarter of the year.
EEI is optimistic it will meet its 2011 targets given the increase in construction backlog and acquisition of new projects.
The construction firm said new projects and orders backlog remained healthy in view of the sustained growth in the domestic construction industry. The outlook on the property sector remains positive while there is a resurgence in the industrial expansion projects both in the domestic and overseas markets.
EEI said its total backlog representing portions of existing contracts that had yet to be completed for local construction projects as of end of March had a net selling price of P10.12 billion while its 49-percent owned subsidiary in the Kingdom of Saudi Arabia, Al Rushaid Construction Co., had a current backlog of P16.51 billion.
"Despite the decline in net income for the first three months of the year compared to 2010 performance, the company remains confident of achieving its year-end goals," EEI said.
EEI registered an unaudited consolidated net income of P118.6 million in the first three months of 2011, down 31 percent from P172.2 million year-on-year.
Consolidated revenues amounted to P1.69 billion, up 11 percent from a year ago. EEI attributed the higher revenues from the 17 percent increase in revenue provided by construction contracts in the first three months of the year.
This article was published by Manila Standard Today, May 26, 2011.
Direct link to article