Construction giant EEI Corp. faced a challenging first quarter in 2023 as the company reported a net loss of P444.2 million from a net income of P209.14 million in the same period last year.
The loss was mainly attributed to the P357.7 million loss from equity in associates and joint ventures, primarily due to the cost overruns of four projects under its joint venture in Saudi Arabia, Al Rushaid Construction Company.
Despite the setback, EEI’s top line rose by 26 percent to P3.97 billion due to increased revenues from construction and services.
The company saw a 22 percent increase in revenues from domestic construction contracts, primarily due to ongoing local projects.
“EEI approached the year 2023 with cautious optimism amid economic uncertainties in the global and domestic front,” the company said.