YUCHENGCO-OWNED construction firm EEI Corp. yesterday said it doubled its consolidated net income to P206.8 million from P103.6 million for the period ending in September.

Consolidated revenues, meanwhile, rose to P5.35 billion from P3.75 billion last year as the company took advantage of the robust construction market, EEI said in a financial report to the exchange.

"The growth was driven by increased contributions from production in construction contracts worth P4.07 billion, up by 21% from P3.36 billion last year. Construction accounted for 76% of gross revenues," it said.

EEI said it acquired total orders and contracts aggregately valued at P2.4 billion in the first three quarters.

The company won the general contract for the construction of the GA 2 Tower of Globe Asiatique in Mandaluyong, the 39-storey Mandarin Square Building in the Binondo district, and the Makati Medical Center Annex building in Makati City.

"Construction of previously obtained projects, notably the St. Francis Shangri-La Place of Kuok Properties and various phases of Two Serendra of Ayala Land are underway," EEI said.

Consolidated income from operations jumped by 60% to P258.9 million from the P161.4 million in 2006.

Financial expenses, meanwhile, remained lower than the levels in 2006 with a lower net interest expense of P79.2 million from P156.4 million last year.

EEI’s consolidated total assets stood at P6.14 billion as of end-September, 9% higher than P5.64 billion last year.

[Business World Online]