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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