News: EEI profit soars 17% to P657 M -
22 Mar 2011
MANILA, Philippines – The Export Development Council (EDC) has revealed that exports in 2010 broke all previous records by staging a spectacular come-back, reflecting the recovery of major markets and posting the highest ever export revenues since 11 years ago.In its preliminary assessment, EDC noted a major change in the sources of growth for the sale of Philippine goods - from its old trading partners in Europe and the United States to closer countries in the Asian region. Revenues from domestic construction contracts rose 30 percent to P5.2 billion from P4 billion in 2009 while 49 percent joint venture firm Al Rushaid Construction Corporation entered into several significant projects in Saudi Arabia.To date, EEI’s orders backlog, which represents the value of workable production form existing contracts, amounts to P27 billion, 64 percent of which will be generated from the company’s foreign projects.
In the last few months, EEI was awarded several new projects amounting to about P2.5 billion in the Philippines while ARCC is completing four projects in Saudi Arabia. ARCC was also awarded more new projects recently.
EEI’s overseas projects also include additional works for the Goro Nickel Mining Plant in New Caledonia and for carry over works for the Shell Olefins Project in Singapore under Shaw Stone and Webster. (Source: Manila Bulletin Online, Business Section, by James Loyola, 22 March 2011)