Eton posts 154% profit growth in ’10

MANILA, Philippines—Property developer Eton Properties Philippines Inc. of tycoon Lucio Tan will launch more projects this year—following a banner year in 2010—to take advantage of the country’s brighter economic prospects.

More money sent home by overseas Filipino workers (OFW) and low interest rates offered by banks are expected to help keep demand for new homes strong, the company said.

“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,” company president and CEO Danilo Ignacio said in a statement.

The company on Monday reported a 154-percent growth in net profit for 2010 to P732 million, driven by strong residential sales and office-space leasing from business process outsourcing firms and mall properties.

Last year, the company completed several projects, including One Archers Place and Eton Baypark condominium buildings in Manila.

“We are 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.

This year, the company said it would focus on the development of its two “township” projects—the Eton City in Santa Rosa, Laguna, and Eton Centris in Quezon City. The company also has several tourism-related projects in the pipeline, given the government’s recent thrust to attract more visitors to the Philippines.

“These are very exciting times for the property industry. Factors that make for a stable economy are present,” he said.

He said OFW remittances, low interest rates and stable inflation would help create jobs and continue to drive economic growth.—Paolo G. Montecillo