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Lucio Tan’s property arm turns a profit

Monday, August 17, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]


LUCIO C. Tan-led Eton Properties Philippines, Inc. posted a turnaround in the first half due to the high take-up of recently built projects, the company said in a statement.

The listed real estate firm said it recorded a net income of P40.6 million for the first half, from a loss of P140.2 million last year.

Eton Properties said revenues until June ballooned to P503.8 million, as a result of the substantial completion of One Archers Place, South Lake Village at Eton City, and the first clusters at The Manors at North Belton Communities.

The company said it expects to generate higher revenues toward the end of 2009 with the substantial completion of other residential projects: The Eton Residences Greenbelt and Eton Baypark Manila.

In separate disclosures on Friday, listed property firms Megaworld Corp. and Filinvest Land, Inc. also reported higher profits in the first half due to strong real estate sales.

Megaworld said its net income grew by 12% to P2 billion as revenues climbed by 16% to P8.73 billion.

Filinvest Land likewise reported that its net income grew by 6% to P750 million after revenues grew by 11% to P2.47 billion. — Don Gil K. Carreon

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