Year-to-Date Orders Backlog Up to Record P10.8 Billion

September 2, 1998 PSE CIRCULAR FOR BROKERS NO. 2034-98 EEI BAGS P820M CONTRACT Year-to-Date Orders Backlog Up to Record P10.8 Billion Manila Philippines. September 1, 1998 EEI Corporation announced that it acquired the P820 million contract for various construction packages of the Robinson's Place Residences Towers located in Ermita, Manila. In a disclosure to the Philippine Stock Exchange, the Company said that it signed last August 31 with Robinson's Land Corporation, the project developer, the agreement that awards EEI-among the country's largest construction companies the foundation and sub-structure engineering and construction of the 38-storey twin tower complex and shopping mall. "We are heartened by the continuing trust and confidence of the business community and developers in EEI," Company chairman and CEO Rizalino Navarro declared during the signing ceremony. EEI's total orders backlog thus reached P10.8 billion with the addition of the Robinson's project to its orderbook. Navarro expressed confidence that the project will further position it to accomplish if not exceed its earnings target of P400 million for 1998 and to sustain its operations throughout 1999. It earlier reported net income of P187 million, up 80.3% over the previous year, on revenues of P3.31 billion for the first semester. Revenues increased 36.9% from the P2.4 billion in the same period last year. The robust backlog the gross value of the total construction contacts and orders it obtained that it has to undertake represents the equivalent of 15 months production capacity of EEI. The Company, Navarro added, continued to benefit from its technical competence and well-accepted industry leadership. "We have leveraged our strong capability to deliver quality projects to expand our project portfolio in property development despite the economic slowdown, while continuing to make added inroads in the Middle East market," he said. EEI has been the country's primary player in the industrial and electro-mechanical construction segment. Over the last five years, it has a close to 100% involvement in plant expansion and upgrading of petroleum companies and 80% participation in construction projects of cement producers, while taking part as sub-contractor for global principals in more than 40% of new baseload power plants under the BOT program. It is also involved as a sub-contractor in the construction of phase 1 of EDSA MRT project that stretches from the North EDSA grand terminal to Shaw Crossing in Mandaluyong. In the last three years, it has expanded strongly in the high-rise property construction market. It recently completed the Asian Star building in the Filinvest Corporate City and is currently constructing the RCBC Plaza and the Philamlife Tower in Makati, the Pacific Plaza in the Bonifacio Global City and the Linden Suites in Ortigas Center