Eton grows 9-month profit by 13% to P601M

Tycoon Lucio Tan-led Eton Properties Philippines Inc. grew its nine-month net profit by 13 percent year on year to P600.63 million on higher revenues from residential development as well as rental income generated by office and commercial buildings.

Total revenue amounted to P3.76 billion, up 20 percent from a year ago, as the company booked income from its high-rise condominium projects 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.

Rental income generated from the company’s business process outsourcing (BPO) offices Eton Cyberpod Centris and Eton Cyberpod Corinthian, and mall properties Centris Station, Centris Walk, E-Life and Green Podium contributed to the higher earnings.

“Philippine real estate will continue to be good. There is a huge housing backlog of 3.7 million in the country. The outsourcing industry continues to grow and there is rising demand for office space. The government thrust on tourism-related projects boosts local tourism. All this translates to growing markets that property developers can serve,” Eton president Danilo Ignacio said in a statement.

“We are ready to address the marked increase in office space demand. Our growing portfolio of BPO office developments helps create a progressive environment in key growth areas in the country,” Ignacio said.

Eton’s total assets grew 5 percent to P12.8 billion from the level a year ago.—Doris C. Dumlao