Stock News 2012: EEI profit jumps 81% to P215M in Q1

quezon city memorial circle (Photo credit: happy via)
Yuchengco-led construction firm EEI Corp. jacked up its net income by 81 percent in the first quarter this year to P215 million on higher revenues from work contracts.

In a financial report submitted to the Philippine Stock Exchange, EEI said consolidated revenues surged 94 percent to P3.27 billion, with construction contracts growing 89 percent to P2.48 billion.

Meanwhile, revenues generated from services more than doubled to P744.5 million.

During the period under review, EEI won P4.31 billion worth of contracts, which include the Novotel Manila Hotel of Araneta Center Hotel Inc. in Quezon City, Green Residences of SM Development Corp. in Manila, Eastwood LeGrand 3 of Megaworld in Quezon City, and the Levels condominium of Filinvest Land in Alabang, Muntinlupa.

The company also bagged contract packages of Didipio process plant for Oceana Gold Phils in Nueva Vizcaya, the asphalt plant facility for Petron and the autocalve installation works for the Taganito project in Surigao del Norte.

Under construction is the P2.84-billion Berth 6 of the Manila International Container Terminal. Under a joint venture with Hanjin Heavy Industries & Construction Co. for global port operator International Container Terminal Services (ICTSI).

Overseas, EEI’s 49-percent owned Al Rushaid Construction Co. Ltd. is currently building the Samco Acrylic under Samsung, the Saudi Aramco Manifa project, and the Saudi Aramco Mobil Refinery clean fuels project.

As of end-March this year, EEI’s domestic backlog, which represents portions of existing contracts that have yet to be completed for local construction projects, had a net selling price of P14.24 billion.

The combined backlog of all overseas projects amounted to an equivalent of P8.32 billion, making the total backlog of the company worth P22.56 billion. This is 15 percent lower than the total backlog in the same level in 2011.

EEI said the government’s declaration of a more aggressive pursuit of Public-Private Partnership (PPP) projects could provide good opportunities for growth in many industries which may directly impact the construction industry.

http://www.philstar.com/Article.aspx?articleId=808347&publicationSubCategoryId=66

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Stock News 2012: Araneta Group, Accor launch Novotel Manila Araneta Center proj

Smart Araneta Coliseum (Photo credit: Wikipedia)
The Araneta Group, led by its chairman and CEO Jorge L. Araneta and Michael Issenberg, chairman and COO of Accor Asia-Pacific, led the launch of the Novotel Manila Araneta Center with a ceremonial lowering of the time capsule and presentation of the hotel’s features.

The occasion marks the first time that Accor, acknowledged as the world’s leading “hotel manager,” will jointly invest in a Philippine based hotel. Issenberg expressed excitement that Novotel Manila Araneta Center will be part of the integration of hotels into the Accor Asia Pacific network.

Novotel Manila Araneta Center will be the only upscale hotel in Quezon City. With 415 rooms, a 600-sqm ballroom and large meeting facilities, the hotel is well positioned to cater to the needs of the 56,000 registered businesses in Quezon City and to the MICE (both domestic and international) market.

Its strategic location, at the intersection of two major thoroughfares (EDSA and Aurora Boulevard) and major mass railway lines (MRT 3 and LRT 2) will allow the hotel to position itself as the preferred venue for MICE events in Quezon City.

According to design consultant Sudhakar Thakurdesai, the Novotel Manila Araneta Center is the “crown jewel, a garden city within a city” in the overall master plan of redevelopment at the Araneta Center. Its interiors manifest a cutting edge high tech approach without losing its charm and bits of indigenous flavor.

Particularly exciting is the lush wedding garden, all-day dining areas that offer breath-taking views of the city and relaxing garden terraces. Overall, the composition of the hotel breathes elegance and functionality that will serve as a further catalyst for business in the area.

The hotel is directly adjacent to the world famous Smart Araneta Coliseum and connected to the Gateway Mall. The Novotel Manila Araneta Center will also showcase multiple function rooms, a gym and pool bar, upscale restaurants, and 250 parking slots spread out in a total floor area of 40,000 square meters.

The Araneta Group brings to the project more than half a century’s worth of expertise in food, retail, and leisure and property development. Parts of the group are Philippine Pizza Inc., franchisee and owner of Pizza Hut, Taco Bell and Dairy queen outlets in the Philippines, Uniprom Inc., leisure and entertainment company managing the 20,000-seat Smart Araneta Coliseum and Gateway Mall’s state of the art Cineplex 10, and Progressive Development Corp., responsible for new business and other investments of the group.

Together, the unique strengths of these two giants fuse into a collaboration of capabilities that will be imaged in the Novotel Manila Araneta Center.

The Novotel Manila Araneta Center is just one part of the Redevelopment Plan that is now in full swing at the Araneta Center. Almost simultaneously, the Coliseum Parking Building, the 18-tower Manhattan Garden City residential project and the Gateway Tower are rapidly rising from the ground and reshaping the Quezon City skyline.

http://www.philstar.com/Article.aspx?articleId=775307&publicationSubCategoryId=66