Posted on 08:11 PM, November 14, 2010 [ BusinessWorld Online ]
PROFITS OF Lucio C. Tan-led Eton Properties Philippines, Inc. jumped by almost seven times to P530 million in the nine months ending September due to higher revenues from new residential, mall and office building projects.
The property developer said it would reach P700 million in profits for the year and record a banner year in 2011.
The earnings hike from P67 million in the previous year was “driven by strong residential sales, leasing income from business process outsourcing (BPO) offices, and commercial centers and new product launches.”
Total revenues surged by 89% to P2.9 billion from P1.5 billion a year ago. Total assets rose by half to P12.4 billion.
“Eton is on track to meet its net income target of P700 million in 2010,” Danilo E. Ignacio, president and chief operating officer of Eton Properties, said in a statement yesterday.
“We are looking forward to 2011 as an exciting year of record highs in revenues and earnings as a number of our projects, specifically over 3,600 residential units, are scheduled for turnover,” Mr. Ignacio added.
This year, the property developer surpassed 2009 reservation sales as early as July, Mr. Ignacio said.
The firm got a boost from the opening of model units at the mid-rise Aurora Heights Residences project that month.
The two-tower Aurora Residences consists of fully furnished, compact units. It is the maiden project of “affordable” brand First Homes, Inc.
“Plans are already under way to introduce a First Homes project in Makati before the year ends,” Mr. Ignacio said.
The company is still marketing projects launched this year, like Eton Tower Makati, 8 Adriatico, and the West Wing Villas.
Projects under development include South Lake Village, Riverbend, and West Wing Residences.
Since starting operations three years ago, Eton Properties has launched a total of 30 residential, commercial, office, and township projects. It started with the almost 1,000-hectare Eton City in the city of Sta. Rosa in Laguna.
Shares in Eton Properties -- which turned around to a P294-million net income last year from a P130.7-million net loss in 2008 -- closed P0.05 higher at P3.85 each on Friday. -- N. J. C. Morales