Eton posts 7.4% profit rise to P199M in first quarter

MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of the Lucio Tan Group posted a higher first quarter net income of P199 million compared to the same period last year, the company said in a statement yesterday.

The amount represents an increase of 7.4 percent from the same period in 2010 as total revenue for the quarter reached P946 million or higher than the P922 million recorded a year ago.

The property firm said revenues came from the higher recognition of sales “due to ongoing construction of Eton Parkview Greenbelt, Eton Baypark Manila, One Archers Place’s East and West Tower, Belton Place, Eton Emerald Lofts, West Wing Residences and the first five clusters of The Manors of North Belton Communities, Riverbend and South Lake Village at Eton City.”

Income from rent, mainly from completed business process outsourcing (BPO) offices and other commercial projects, rose to P88 million or more than double the P27 million recorded last year.

The rent income came from Eton Cyberpod Centris and Eton Cyberpod Corinthians, as well as commercial projects, Centris Station, E-Life and Centris Walk.

This year, the company said it would be focusing on the development of its two major township projects: Eton City in Sta. Rosa, Laguna and Eton Centris at the corner of EDSA and Quezon Avenue.

“The company recently launched its first residential project in Eton Centris. Ascent Luxury Residences is targeted for the upscale market with larger unit cuts for families. The project incorporates an iconic design and green architecture elements in its overall concept. Likewise, the company has started commercial lot sales in key areas of the Eton City development. Dubbed the Village Walk, the areas will form part of the initial commercial offerings in the township,” it said.