Yuchengco-led construction firm EEI Corporation is expecting a 5 percent to 10 percent improvement in net income this year although revenues will be lower as the firm completes projects while bidding for new ones.

The construction company posted a net income of P563 million record income in 2009.

In an interview, EEI President Roberto Jose Castillo said the firm has just completed projects it bagged in 2006 and 2007 which left them with their hands full and operating at the full capacity of the firm’s resources.

Since the firm was able to complete a lot of its projects last year, it has already started to bid for new projects and has won the bid for some projects last year and so far four projects this year.

Castillo said these include the SM Development Corporation’s Sun Residences which will start in June, Phoenix Semiconductor Plant, and a project for RCBC Savings Bank.

He added that earnings from these projects will add to the bottomline next year while they continue to bid for more big ticket projects in the Philippines and overseas. About 70 percent of the company’s projects are overseas – mainly in the Middle East.

Castillo said that while there are many projects they could bag here and overseas but pointed out that the firm will not go for low-priced projects as EEI wants to be assured of a healthy margin.

EEI is also looking at the construction of a couple of power plants in Mindanao, noting that the firm’s expertise is in heavy industries including the construction and operation of power plants.

Castillo said EEI is also looking at sources of a more regular revenue stream and is doing some research and development in the field of renewable energy.

However, he noted that directly investing in power generation involves huge capital and the firm does not have the cash. Thus, Castillo said they may have to start small in the country or overseas.