EEI invests P743M for unit’s projects

LISTED construction firm EEI Corp. on Tuesday said its board had approved about P743 million in additional investments in a unit of its subsidiary EEI Ltd.

In a stock exchange disclosure, EEI said the investments will fund Al Rushaid Construction Co. Ltd.’s current and future projects.

EEI Ltd. is EEI’s unit created to expand its overseas construction services. The company did not provide additional information about the investment plan.

Al Rushaid is a joint venture company of Al Rushaid Petroleum Investment Co. and EEI.

Established in 1993, Al Rushaid is a construction company that operates in the oil and gas, energy and water, petrochemical, industrial and manufacturing industries. 

For the April-to-June period, EEI’s attributable net loss widened to P255.03 million from P94.03 million in the same period last year, pulled down by higher gross expense, its financial statement showed.

EEI recorded P3.88 billion in gross revenues for the second quarter, 24.4% higher than the P3.12 billion recorded last year. Its gross expense went up by 25.2% to P4.12 billion from P3.29 billion previously. 

At the local bourse on Tuesday, shares in the company closed seven centavos higher or 1.33% to end at P5.35 apiece. — Ashley Erika O. Jose