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Eton Properties targets P10B capex in four years

Posted on May 31, 2013 08:38:25 PM [ BusinessWorld Online ]
Eton Properties Philippines, Inc. is planning to spend as much as P10 billion in the next four years for existing and new projects, an official said on Friday.
In the meantime, the company will spend up to P4 billion for this year to complete existing projects.
“If we have to do all the projects altogether it should be in the vicinity of -- the cost of completion -- P3-P4 billion, but [in the next] three to four years it is about P10 billion,” Danilo A. Antonio, the company’s the newly appointed chief operating officer told reporters following the company’s stockholders meeting in Makati City.
Projects that are slated for completion are horizontal development West Wing Villas in Quezon City; 8 Adriatico Condominium in Manila and 68 Roces luxury residences in Quezon City, he said.
Mr. Antonio said the company will source its funding from its parent LT Group, Inc., which recently raised P32 billion from an equity offering.
Mr. Antonio said the company is also planning to expand the Eton Centris, a business process outsourcing and retail complex located in Quezon City.
Eton Properties’s net income plunged 94.27% to P42.04 million last year from P733.29 million in 2011 as the company has yet to complete its projects.
“The capex should drive earnings very well. As we get to implement the project faster, we’re able to commit construction cost per square meter and zero it in, we should be able to protect the margins we have,” Mr. Antonio said.
The company was delisted in December last year for failing to meet the 10% required public float level. -- CHCV
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