EEI earmarks P483 million for capex

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The Yuchengco-led contractor EEI Corp. has earmarked P483 million this year to invest in new construction equipment and other fabrication capabilities.

For this year, P483 million is being allocated for capital expenditure of new equipment, said Roberto Jose Castillo, EEI president and chief executive officer, in his report presented during the company’s annual stockholders meeting.

“The company [EEI Corp.] and its subsidiaries continue to invest in construction equipment and fabrication capabilities. Property, plant and equipment increased by P1.49 billion in 2012—88 percent higher than its value in 2011,” he said.

Castillo added that EEI Corp. will further strengthen its business ventures overseas, especially in the Middle East and Singapore.

“In the Middle East, EEI, through ARCC [Al Rushaid Construction Co. Ltd.], will continue to capitalize on its reputation and strong presence in the Kingdom in pursuing more construction projects in the region,” he said. ARCC of Saudi Arabia is EEI’s foreign joint venture firm.

“After successful engagements in Singapore, New Caledonia and Qatar in the recent past, EEI will continue with its efforts in pursuing projects where it has already established itself as a provider of construction services and will likewise develop its presence in other parts of the world,” he added.

In the full-year 2012, Castillo mentioned that EEI has acquired several new projects, with several high-rise buildings, and a good share of industrial facilities and infrastructure projects.

“The momentum in increase in the number of projects that was observed in 2012 did not seem to slow down, giving the company good reason to believe that this will be sustained in the short term, with an increase in infrastructure and industrial projects,” he further said.

In a regulatory filing, EEI Corp. reported significant gains in its profit in 2012 from the robust construction industry.

EEI’s consolidated net income jumped 32 percent to P975 million last year from P740 million a year earlier.

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