MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group of Companies, expects to be in the black this year as it starts to recognize revenue from residential projects under construction.
Among these projects include The Eton Residences Greenbelt, Eton Baypark Manila, Eton Emerald Lofts in Ortigas, Eton Parkview Greenbelt, One Archers Place, Belton Place, South Lake Village at Eton City and The Manors at North Belton Communities.
Eton incurred a net loss of P125.76 million last year, down 14 percent from the 2007 level. No revenue has been recognized due to the minimal construction activities in the company’s residential projects.
Under accounting rules, revenues will only be realized based on percentage completion of residential project construction.
“We expect 2009 to be a banner year for Eton. Our numbers will dramatically improve starting this year as we begin to recognize revenue from our residential projects and start earning recurring lease income from our office projects in Eton Cyberpod Centris and Eton Cyberpod Corinthian as well as the commercial leasing operations of Centris Station and Centris Walk,” said Danilo Ignacio, president and chief operating officer of Eton.
Full-blast construction activities in Eton Cyberpod Centris and Eton Cyberpod Corinthian increased the company’s property assets by 1,031 percent to P543.26 million while real-estate inventories of residential projects under construction expanded by 176 percent to P311.3 million.
Eton reported a 207-percent growth in customer advances and deposits in 2008, reflecting strong reservation sales for all residential projects.
Consolidated revenues amounted to P89.89 million, up 736, 334 percent from the year earlier level.
Eton began operations in February 2007 and has evolved into a full-range property developer with a wide portfolio of projects in mid-range to high-end residential developments, office and commercial projects and township developments.
Eton is an established real-estate brand in Hong Kong, Shanghai, Beijing, Dalian and Xiamen.