EEI swings to profit as revenues rise

CONSTRUCTION firm EEI Corp. registered a net income attributable to equity holders amounting to P250.17 million in the second quarter, a reversal of its year-on-year losses of P843.35 million, after generating higher revenues from its construction contracts as well merchandise and property sales.

In a regulatory filing on Thursday, EEI said that its total revenues in the three months ending June reached P4.89 billion, more than three times the value in the same period last year.

Earnings from construction contracts, which comprised majority of the listed firm’s earnings, reached P4.56 billion or more than double the previous level of P1.59 billion.

Meanwhile, EEI incurred higher expenses at P4.01 billion, up from P2.59 billion last year.

“EEI’s construction operations continued to improve during the second quarter of 2021, without any serious COVID-19 (coronavirus 2019) threats as the NCR (National Capital Region) Plus bubble remained mostly in the less stringent General Community Quarantine classification during the period,” the firm said.

EEI said its sustainable backlog of projects valued at P49.2 billion is enough to sustain the group for the next two to three years.

It added that it is “well-positioned” to win more contracts for mega infrastructure projects under the government’s Build, Build, Build program, and is confident in its investments and joint ventures, which have proven to be “resilient” amid the pandemic.

“The Group is positive that it will continue its recovery for the rest of the year and the years to come,” it added.

EEI is primarily engaged in the construction of power generating facilities, oil refineries, chemical production plants, cement plants, food and beverage manufacturing facilities, semiconductor assembly plants, roads, bridges, rails, ports, airports, high rise residential and office towers, and hotel buildings.

EEI shares improved by 4.03% or 31 centavos to finish at P8 apiece on Thursday. — Angelica Y. Yang