By Ruelle Albert D. Castro
[ Malaya.com.ph ] April 12, 2010
Lucio Tan-led realty firm Eton Properties Philippines Inc. (Eton) this weekend said that it netted P249 million in 2009, the first profit the holding company posted after shifting to real estate development two-and-a-half year.
In 2008, the company suffered a P130.7 million loss.
Eton recognizes revenue based on completion of projects that the market has bought.
The company said that revenue last year reached P2.1 billion million from P89 million in 2008 as the company sped up construction of residential projects like The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City, and The Manors at North Belton Communities.
Last year also saw the start of development of Eton’s commercial centers and business process outsourcing offices.
"The company expects continued increased earnings growth by end of 2010 with the substantial construction work on its Eton Parkview Greenbelt, Belton Place, and Eton Emerald Lofts projects," the company said.
"We have reasons to be very optimistic about 2010. First, it is an election year and we are hopeful that the country will have a peaceful and orderly national election in May. Analysts predict low interest rates and continuing growth in remittances from OFWs. These factors all point to a very promising year for the real estate industry. Our first quarter sales have been very strong." said Danilo Ignacio, Eton president.
Total assets reached P10.7 billion, nearly a three-fold increase from P2.7 billion in 2008. It plans to launch at least 10 new projects this year, with two already out in the market --- West Wing Villas in North Belton Communities and Eton Tower Makati.
Since shifting to property development in June 2007, Eton has launched 29 projects.
Banking on the massive landbank of Taipan Lucio Tan, its property portfolio of launched and completed projects encompasses residential, commercial, office projects and township developments, including the 1,000 hectare township project in Sta Rosa, Laguna, dubbed Eton City.
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