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Lucio Tan’s Eton Properties posts 10% first-half profit rise

Posted on August 14, 2011 10:11:27 PM [ BusinessWorld Online ]

LUCIO TAN-LED Eton Properties Philippines, Inc. posted a 10% first-half profit growth on Friday, citing higher rentals from existing office developments as well as higher sales from ongoing residential projects.

Eton Properties reported its net income for the year’s first half to be P417.9 million versus the P380.3 million recorded in the same period last year.

Revenues were said to have totaled P2.62 billion, a 37% gain from P1.92 billion in year-ago levels.

“The company’s robust sales of its residential units and higher rental income from its office and mall properties contributed to the higher profit for the period,” Eton Properties said.

The company’s financial statements were not readily available as of yesterday.

Triple-digit rental income growth from completed business process outsourcing (BPO) offices Eton Cyberpod Centris and Eton Cyberpod Corinthian, as well as commercial projects Centris Station, E-Life and Centris Walk all buoyed rental income for the first half to P167.4 million, 128% higher from the P73.4 million generated for the same period in 2010.

Meanwhile, ongoing projects also boosted Eton Properties’ revenues for the residential sector, the company said.

Given this, the listed developer sees more gains in the second semester surpassing the first half. “We see Eton’s revenue and income hitting record levels this year,” said Danilo E. Ignacio, Eton Properties president and chief operating officer.

For the year’s remainder, the company intends to develop two township projects in Laguna and Quezon City. The firm said it also intends to launch a mid-income residential condominium project in Eton Centris.

Eton has 41 projects to date. Its shares were up by 5.84% last Friday to P3.26 from P3.08 the previous day. -- F. J. G. de la Fuente
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