Eton profit jumps 7-fold in 9 months

MANILA, Philippines - Eton Properties Philippines Inc., the local real estate unit of tycoon Lucio Tan, said its not earnings jumped more than seven-fold in the nine months ending September this year on robust residential sales and improved rental revenues from its office buildings and commercial centers.

In a disclosure to the Philippine Stock Exchange yesterday, Eton said its profit rose to P530 million from just P67 million a year earlier as revenues surged 89 percent to P2.9 billion.

As of end-September, Eton had assets worth P12.4 billion, up 52 percent from P8.2 billion the previous year.

“Eton is on track to meet its net income target of P700 million in 2010. The first three quarters of 2010 were very good for Eton Properties. We surpassed 2009 reservation sales as early as July this year,” said Danilo Ignacio, the company’s president and chief operating officer.

“We are looking forward to 2011 as an exciting year of record highs in revenues and earnings as a number of our projects, specifically over 3,600 residential units, are scheduled for turnover.”

Ignacio said the company is aggressively marketing projects launched this year that include Eton Tower Makati, 8 Adriatico and West Wing Villas.

Eton also reported that it has seen a dramatic increase in sales of compact home units under its affordable housing brand, First Homes. Ignacio said plans are already underway to launch a First Homes project in Makati before the end of the year.

The company opened Centris Walk, a high-end lifestyle, dining and retail center in Eton Centris, the company’s 12-hectare township project at the corner of EDSA and Quezon Avenue.

Centris Station, a two-level mall in Eton Centris anchored by SM Hypermarket, opened in December last year to cater to the transit-oriented QC market. Another commercial center will open soon – the Green Podium at One Archers Place- a dining and retail destination that will serve the requirements of the residents of the condominium as well as the students and neighbouring communities of De La Salle University along Taft Ave. in Manila.

Since its inception in 2007, Eton has launched a total of 30 projects. Its foreign counterparts, Eton Properties Group of China and Eton Properties Ltd. of Hong Kong , are highly-recognized real estate brands.