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Eton hikes net income by 154%

Posted on May 01, 2011 08:48:55 PM [ BusinessWorld Online ]
ETON PROPERTIES Philippines, Inc. more than doubled its profits last year on the back of higher revenues from residential, office and commercial properties, the Lucio C. Tan-led developer said in a statement late last week.
“Eton Properties registered a 154% increase in net income to P732 million in 2010 from P288 million in 2009,” the company said.
Its financial report was not immediately available.
Total revenues were similarly more than doubled to P4.5 billion last year from P2 billion in the previous year.
Eton Properties said the latest figures were “driven by strong residential sales, leasing income from business process outsourcing office and mall properties.”
The company also cited in the completion of a number of projects namely One Archers Place and Eton Baypark Manila residential condominiums.
Moving forward, Eton Properties expects a better performance this year with the completion of more projects.
“The company expects higher realized revenues for 2011 with the delivery of over 3,600 residential units by yearend,” the company said. -- Neil Jerome C. Morales
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