Investing Stocks in Philippines: naia expressway

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Tuesday, April 16, 2013

Stock News 2013: MVP, SMC units in dead heat over Naia project

The Skyway System. (Photo credit: Wikipedia)

The concessionaire for the Ninoy Aquino International Airport (Naia) stage 2 expressway will be known this week once the Department of Public Works and Highways (DPWH) opens the financial bids of the two firms vying for the deal.

Manuel V. Pangilinan’s Manila North Tollways Corp. (MNTC) and San Miguel Corp. subsidiary Optimal Infrastructure Development Corp. were the only two bidders that submitted technical and financial bids for the P13.61-billion project last week.

Public-Private Partnership (PPP) Center Executive Director Cosette Canilao said both have passed the government’s post-qualification checks of their respective technical proposals.

Whether one technical proposal is better than the other will not be taken into account, Canilao said.

“In accordance with the BOT (Build-Operate-Transfer) law, it’s just pass or fail. Once a bidder passes, the opening of its financial bid will be allowed,” Canilao said over the weekend.

The DPWH’s technical working group (TWG) has gone through the technical proposals of both firms, she said. Both proposals contain details of where the road will pass through, where the off-ramps will be located, and other features.

The TWG has not found any deficiency in either of the two technical bids, Canilao said.

MNTC currently manages the North Luzon Expressway (NLEx). Meanwhile, the San Miguel group, through various units, operate and manage the Metro Manila Skyway, the South Luzon Expressway and the Southern Tagalog Arterial Road (Star toll).

Both groups are also building similar “connector roads” that would link the NLEx with Skyway, easing traffic in different parts of Metro Manila.

Conglomerate Ayala Corp. and Indian-owned M/S IL and FS Transportation Network were prequalified to bid for the project but both later on withdrew their respective proposals.

The Naia Expressway is the second phase of an existing project that will link Metro Manila Skyway, Manila’s airport complex and the Entertainment City—the country’s answer to Asian gaming centers like those in Macau and Singapore.

http://business.inquirer.net/116797/mvp-smc-units-in-dead-heat-over-naia-project

Thursday, August 19, 2010

Stock News 2010: EEI income up 6% in 1st half

SAN FRANCISCO - DECEMBER 22: San Francisco De...

Image by Getty Images via @daylifeMANILA, Philippines - Construction giant EEI Corp. said its net income went up six percent in the first half this year largely due to cost-containment measures and the significant decrease in interest expense.
In a financial report submitted to securities regulators, EEI said its net earnings rose to P308.56 million even as consolidated revenues fell six percent to P3.12 billion. Revenues from services also dropped 53 percent from P1.19 billion to P560 million.
Equity in earnings of associate and joint venture likewise plunged 61 percent to P120.62 million, contributing to the decline in revenues.
However, the lower contribution was tempered by the increase in revenue from construction contracts, rising 19 percent to P2.35 billion. Merchandise sales improved 13 percent to P143.06 million while real estate sales more than doubled to P71.9 million.
Interest income amounted to P30.7 million, down 16 percent from P36.42 million, owing to lower interest rate on dollar money market placements.
The company was able to contain its expenses, declining 12 percent to P2.94 billion. However, costs related to construction contracts increased nine percent to P1.89 billion.
During the period under review, EEI won a manpower supply contract for the Singapore Parallel Train Olefins Recovery Project for Shaw Stone & Webster Asia Inc., additional contract for NAIA Expressway and its related road project, package 4C Phase I for Department of Public Works and Highways (DPWH), the construction of the RCBC Savings Bank and Corporate Center in Fort Bonifacio, the construction of the Sun Residences of SM Development Corp. in Quezon City, the construction of the Phoenix semiconductor plant in Clark, Pampanga, and the atmospheric storage facilities for Petron Corp.
In addition, under a joint venture with Korea’s Hanjin Heavy Industries & Construction Co. Ltd., EEI is currently undertaking the P2.84-billion construction of Berth 6 of the Manila International Container Terminal for global port operator International Container Terminal Services Inc. EEI has a 30 percent stake in the joint venture.
Among the company’s overseas projects are the Inco Goro nickel mining project in New Caledonia, involving the commissioning and additional works for the nickel mining plant, and the $12-million pipe erection works of the inlet facilities covering electro-mechanical works for utilities, offsite and off-plot areas for the Qatargas 3 and 4 Onshore project for GAMA Qatar Co. WLL under the Chiyoda-Technip joint venture. These are expected to be completed towards the end of the current year.
Meanwhile, orders backlog from projects represents the value of workable production from ongoing contracts. As of end-June this year, EEI’s total domestic backlog had a net selling price of P6.42 billion, including the backlog of subsidiaries worth P412.42 million.
The backlog provided by the company’s overseas joint venture company, Al Rushaid Construction Co. (ARCC), as of the end of the first semester stood at P12.54 billion.
EEI had total consolidated assets of P8.95 billion as of June 30, 2010, registering a nine-percent growth from the end-2009 level of P8.18 billion.
The company remains optimistic about its prospects for the rest of the year as it continues to pursue new prospects for both local and foreign-based projects.
Zinnia B. Dela Peña
August 19, 2010 12:00AM
http://www.philstar.com/Article.aspx?articleId=603943&publicationSubCategoryId=66

Wednesday, August 18, 2010

Stock News 2010: EEI posts P136-million profit

Image by mindfrieze via FlickrLISTED construction firm EEI Corp. has posted relatively flat profit in the second quarter as a decline in service revenues tempered the double-digit growth of its main construction business.
In a filing, the Yuchengco-led firm said net income grew 1.3 percent to P136.32 million. The company said first-half net income grew 5.8 percent to P308.56 million.
Based on its financial statement, EEI’s revenues grew at a slower pace to P1.64 billion, from 1.69 billion the second quarter of 2009. First-half revenues likewise declined 5.71 percent to P3.12 billion from its year-ago level as the service income fell almost 53 percent.
Construction contracts, which accounted for 75 percent of revenues during the first semester, rose 19 percent to P2.35 billion. Costs were also contained as service revenues dropped EEI said.
EEI said it remains “confident” on its year-end targets. “The company continues to pursue new prospects for both local and foreign-based projects as there appears to be renewed opportunities in mining, power, and other industrial construction,” EEI said. The company expects growth will continue to come from projects in the Middle East.  
During the first semester, the company won contracts for an additional  project in Naia Expressway and its related road project, package 4C Phase I for Department of Public Works and Highways and the construction of the RCBC Savings Bank and Corporate Center in Fort Bonifacio.
It was also awarded the contract to build the Sun Residences of SM Development Corp. in Quezon City, the construction of the Phoenix Semiconductor Plant in Clark, Pampanga, and the atmospheric storage facilities for Petron Corp.
Miguel R. Camus

August 18, 2010 19:36

http://businessmirror.com.ph/index.php?option=com_content&view=article&id=29111:eei-posts-p136-million-profit&catid=24:companies&Itemid=59