Advertisement

EEI incurs net loss as pandemic affects most of its business units

Font Size

CONSTRUCTION company EEI Corp. reported a third-quarter net loss of P200.17 million for its parent firm equity holders, a reversal of the earnings it recorded a year ago, after a decline in revenues during a period dampened by work disruptions.

Its after-tax net loss was at P211.58 million, swinging from profits of P302.55 million in the same three months last year.

The company, which builds facilities for companies in diverse industries, reported in a regulatory filing a 30.6% drop in revenues to P4.37 billion during the quarter, as the pandemic hit the majority of its businesses.

Broken down, construction contracts declined by 29% to P4.14 billion. Services went down by 48% to P147.98 million, and merchandise sales decreased 66% to P57.16 million. Real estate sales, however, inched up by 2% to P20.52 million.

Also during the third quarter, EEI recorded lower expenses and costs at P4.39 billion, a 19.2% decrease year-on-year.

Advertisement

For the nine months through September, EEI’s net loss attributable to parent equity holders reached P891.5 million, reversing profits of P801.92 million a year ago.

Consolidated revenues stood at P11.35 billion, around 33% down from its previous value. In its disclosure to the local bourse, the firm said that work disruptions related to COVID-19 were the primary reasons for the decrease in year-to-date earnings.

EEI shares on Monday ended lower by 2.75% to finish at P7.44. — Angelica Y. Yang

Advertisement
Advertisement