17 September 2009

EEI forms new unit

LISTED CONSTRUCTION firm EEI Corp. has set up a new unit to handle operations in Subic, documents submitted to regulators showed.

The new firm, named EEI Subic Corp. said it would engage in contracting and the specialty construction service business for property development and infrastructure firms.

The new firm has P100 million in authorized capital, P99.99 million of which were subscribed to by EEI. It paid for P89.99 million.

EEI Corp.’s profits from January to June rose by 15% to P291.62 million even as revenues were cut by more than a quarter to P3.31 billion amid a decline in local construction activity.

EEI had said it was cautiously confident of its near- to medium-term prospects despite the global economic slump.

The company had secured contracts and orders in Saudi Arabia. It also won several contracts in the first half, such as the 18-storey Acacia Grove condominium- hotel in Alabang, toll station work packages for the Public Works department, and an airport interchange. (BusinessWorld)