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Eton Properties expects sharply lower profit this year

By Jenniffer B. Austria | Posted on August 20, 2012 | 12:01am |
[ manilastandardtoday.com ]

Eton Properties Philippines Inc., the real estate unit of the Lucio Tan Group of Companies, expects net income to decline 60 percent this year to P300 million from P733 million in 2011 due to construction delays.

Eton said in a statement profit in the first six months of the year reached P31 million, down sharply from P418 million year-on-year while revenues slid 60 percent to P995 million from P2.5 billion a year ago.

The company partly attributed the lower profit to the non-recognition of sales of projects that had not started construction. The company uses the percentage-of-completion method in recognizing residential project revenues.

Construction of Eton’s ongoing residential and commercial projects continued full-blast in the first half, but development of Aurora Heights Residences, First Homes Makati and West Wing Villas was moved back to give way to design improvements and enhancements.

“We moved back construction timetables of some projects for much-needed design improvements. These range from road widths to building façade. The enhancements would definitely add value to these projects in terms of quality and functionality,” Michael Tan, officer-in-charge of Eton Properties, said.

Tan said he expects the recognition of income from these projects once construction begins.

Construction on the fully-sold West Wing Villas is expected to start in September this year while that of high-rises First Homes Makati and Aurora Heights Residences is expected in the first quarter of 2013.

First Homes Makati is a 34-story condominium project along Pasong Tamo, Makati, just steps away from Ayala Avenue.

The company recently launched Hanna Manor, the 11th cluster of The Manors at North Belton Communities in Quezon City, an enclave featuring 14 clusters of five-story mid-rise buildings.

Eton also plans to launch within the year a Quezon City project featuring mid-rise and high-rise structures, a residential condominium for the upper class market in Makati and the second tower of First Homes Makati.

Eton Properties has launched 45 projects since the company started operations five years ago. Its portfolio of launched and
completed projects includes residential, commercial, office projects and township developments.

Trading of Eton Properties’ shares is currently suspended because of the non-submission of reportorial requirements to the Philippine Stock Exchange.
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