Eton posts 10% income growth in H1

Tycoon Lucio Tan-led Eton Properties Philippines Inc. posted a 10-percent growth in first-semester net profit to P417.9 million year on year on higher revenues from residential sales as well as rental of office and commercial portfolio.

Total revenues for the first half amounted to P2.62 billion, 37 percent higher than the level generated a year ago, the company reported.

The revenues came from higher recognition of sales due to the ongoing construction of The Eton Residences Greenbelt, Eton Parkview Greenbelt, One Archers Place West Tower, Belton Place, Eton Emerald Lofts, West Wing Residences and the first five clusters of The Manors of North Belton Communities, 68 Roces, South Lake Village at Eton City and Riverbend.

The company said higher rental income from its office and mall properties also contributed to the higher profit for the period.

Increased rental income from completed business process outsourcing offices (Eton Cyberpod Centris and Eton Cyberpod Corinthian) as well as commercial projects (Centris Station, E-Life and Centris Walk) brought up rental income for the first half to P167.4 million, more than double the P73.4 million generated for the same period in 2010.

“We see Eton’s revenue and income hitting record levels this year,” said Danilo Ignacio, Eton Philippines president and chief operating officer.

For 2011, the company plans to focus on the development of its two major township projects: Eton City in Sta. Rosa, Laguna, and Eton Centris at the corner of Edsa and Quezon Avenue. The company plans to launch a residential condominium for the middle-income market segment in Eton Centris this year.

Since starting operations four years ago, Eton Properties has launched 41 projects. The company was recently recognized as one of the top 10 developers in the Philippines by construction data provider BCI Asia Inc.—Doris C. Dumlao