Eton posts 154% profit growth in ’10

MANILA, Philippines—Tycoon Lucio Tan-led Eton Properties Philippines Inc. reported a 154-percent jump in its net profit last year, P732 million, on strong revenues booked from residential sales and recurring income from leasing of commercial properties.

Total revenue grew by 126 percent year on year to P4.5 billion, which was attributed to strong residential sales, leasing income from business process outsourcing office and mall properties, and the completion of a number of projects.

The projects that were completed last year, which boosted Eton’s revenue, were the One Archers Place and Eton Baypark Manila residential condominiums.

“Eton will show strong numbers in 2011 since we see very good opportunities for market expansion this year coupled with the scheduled turnover of our early residential projects”, said Eton Philippines president and chief operating officer Danilo Ignacio.

Eton’s assets rose by 11 percent last year to P12.2 billion.

This year, Eton expects to realize additional revenue from the delivery of more than 3,600 residential units by the end of the year. The company plans to focus on the development of its two township projects—Eton City in Sta Rosa, Laguna, and Eton Centris in Quezon City.

Given the government’s eco-tourism thrust, Eton is also planning leisure developments in key tourist destinations this year.

“We are likewise excited with the upcoming launch of our first residential project in Eton Centris, our 12-hectare mixed-use township development at the corner of Edsa and Quezon Avenue,” Ignacio said.

“Eton Centris is the gateway to Quezon City’s new Triangle Central Business District and our initial residential project there would be the first luxury residential project to rise in this new exciting CBD,” he added.

The first commercial project in Eton City, dubbed Village Walk, has been launched and warmly received by the market, he said.

Construction of the second BPO office building in Eton Centris is also underway.