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Eton profit up 13%

[ ] November 15, 2011

Lucio Tan-led Eton Properties Philippines Inc. said profit for the first nine months of the year grew 13 percent to P600.63 million, from last year’s P530.55 million.

Total revenues stood at P3.76 billion, 20 percent higher than the P3.13 billion last year.

"The increase in revenues resulted from the significant construction of the company’s initial projects," the company said.

Rental income generated from the company’s BPO offices Eton Cyberpod Centris and Eton Cyberpod Corinthian and mall properties Centris Station, Centris Walk, E-Life and Green Podium contributed to the higher earnings.

Total assets grew 5 percent to P12.8 billion from the P12.2 billion recorded in 2010.

The company is busy with its two major township projects: Eton City in Sta. Rosa, Laguna and Eton Centris, its 12-hectare township project in Quezon City. The company recently introduced its fourth residential development in Eton City. Featuring lots ranging from 200 to 300 square meters, TierraBela will cater to the upper middle-income market segment, among others.

"Philippine real estate will continue to be good. There is a huge housing backlog of 3.7 million in the country. The outsourcing industry continues to grow and there is rising demand for office space. The government thrust on tourism-related projects boosts local tourism. All these translate to growing markets that property developers can serve", Danilo Ignacio, president and chief operating officer of Eton Properties, said.

"We are ready to address the marked increase in office space demand. Our growing portfolio of BPO office developments help create a progressive environment in key growth areas in the country", he added.

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