Eton reports 10-fold hike in net earnings

MANILA, Philippines - Eton Properties Philippines Inc., the local real estate arm of the Lucio Tan Group of Companies, announced that its net earnings surged nearly 10-fold in the first half of the year on robust sales.

In a statement issued over the weekend, Eton said its net income stood at P385 million as of end-June this year compared with only P40 million a year earlier. Total revenues amounted to P1.9 billion, more than three times the P503 million recorded the previous level.

Sales came from ongoing residential projects The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City, The Manors at North Belton Communities, Eton Parkview Greenbelt, Belton Place and the Eton Emerald Lofts.

Increased rental income from Eton ’s completed BPO offices, Eton Cyberpod Centris and Eton Cyberpod Corinthian, and mall properties, Centris Station and E-Life, also boosted Eton’s bottomline.

“The first half of 2010 was very good for Eton. Within the first seven months of the year we’ve already surpassed the total reservation sales that we posted for the whole of 2009. Our year-to-date reservation sales are already double for the same period last year,” Eton president and chief operating officer Danilo Ignacio said.

Ignacio said the company is on track to meet this year’s income target of P700 million, which is more than double the P294 million reported in 2009.

Eton is is aggressively marketing recently launched projects, Eton Tower Makati, 8 Adriatico and West Wing Villas, with Eton Tower Makati being the best selling project in the company’s young history. The project’s location, just a few meters from Ayala Avenue, and affordability make it a top choice for executives looking for a home or small office in the Makati CBD.

Sales take-up of Eton’s three residential projects in Eton City, a masterplanned township project in Sta. Rosa, Laguna; have also been strong with the near completion of the 35-hectare man-made lake in South Lake Village.

68 Roces, Eton’s premier high-end townhouse project in Quezon City, continues to be strong helped by the opening of its model units while 8 Adriatico, a 40-storey condominium, has enjoyed brisk sales due to its strategic location and affordability.