LT Group’s property arm reports 38% jump in net profit
Taipan Lucio Tan’s Eton Properties Philippines Inc. saw its profit jump last year on the back of higher real estate sales and a robust leasing business.
Eton, part of Tan-led LT Group, announced that net income in 2018 rose 38 percent to P479 million over the same period in 2017.
It said real estate revenue more than doubled to P1.7 billion as sales and prices went up for projects in Quezon City, Caloocan City and Sta. Rosa, Laguna.
Rental income was also up 8 percent to P1.5 billion. The company cited the strength in business process outsourcing segment and higher rental rates.
Its income from serviced apartments and property management services also contributed to the net increase in revenue for 2018.
Overall, the company’s gross revenue grew by 42 percent to P3.3 billion. The builder’s consolidated assets stood at P31.4 billion, up 6 percent.
“Evidently, the global companies that have made our offices the site of their Philippine operations have seen how the strategic location of Eton Properties’ developments, combined with the well-thought-out facilities in each of these buildings, has contributed to their operational productivity,” Eton Properties president Lucio K. Tan Jr. said in a statement.
In 2018, Eton Properties completed the construction of Eton Square Ortigas in San Juan City. The company also carried out construction activities for Cyberpod Five in Eton Centris in Quezon City, Eton WestEnd Square in Makati City, and Eton City Square in Sta. Rosa, Laguna.
It expects to continue the development of new projects in the mixed-use communities it has developed in Sta. Rosa, Makati and Quezon City in formats that will address evolving customer needs.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.