CONSTRUCTION firm EEI Corp. posted a third-quarter net loss of 200.17-M for its parent company’s stock investors, a turnaround of earnings registered a year earlier, following a decline in sales during a time curbed by work disturbances.
Its after-tax net loss was at P211.58-M, swinging from profits of P302.55-M 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% fall in earnings to P4.37 billion during the quarter, as the pandemic struck the majority of its businesses.
Broken down, construction contracts declined by 29 percent to P4.14-Billion. Services went down by 48% to P147.98-M, and product sales decreased by 66% to P57.16 million.
During the third quarter, EEI recorded lower expenses and costs at P4.39 billion, a 19.2% decrease year-on-year.
Consolidated revenues stood at P11.35 billion, around 33 percent down from its previous price. In its disclosure to the local bourse, the firm said that work disruptions associated with COVID-19 were the key reasons for the decrease in year-to-date earnings.