Real property giants post gains as confidence returns

MANILA, Philippines - Bucking the global economic downturn, Megaworld Corp., Filinvest Land Inc. and Eton Properties Philippines posted gains in their first semester earnings this year on higher sales largely due to a return in investor confidence.

Megaworld reported a 12 percent growth in its net income to P2 billion as consolidated revenues expanded by 16 percent to P8.73 billion. Real estate sales amounted to P6.07 billion, up 15 percent from P5.28 billion a year earlier.

“Megaworld’s business performance, seen in the context of a continued challenging global business landscape, was better than anticipated. Our results in the first half of the year clearly show that we are on the right track,” said Megaworld chairman and president Andrew Tan.

Meanwhile, Eton posted a net profit of P40.6 million, a reversal of the P140.2 million loss incurred the previous level.

Revenues reached P503.8 million, mainly coming from One Archers Place, South Lake Village at Eton City and the first clusters at The Manors at North Belton Communities.  

Etron is expected to register more revenues by the end of the year with the substantial construction of additional residential projects: The Eton Residences Greenbelt and Eton Baypark Manila. Likewise, Eton will begin earning leasing income from its office projects Eton Cyberpod Centris and Eton Cyberpod Corinthian, both to be operational on the 3rd quarter, and from its commercial projects Centris Station and Centris Walk, which will start operations in the fourth quarter.

The company enjoyed a 16 percent increase in reservation sales from last quarter, partly due to the brisk sales of the new projects it launched in April 2009.

It hopes to sustain its gains for the rest of the year with the launch of new projects — 68 Roces ( a high-end residential enclave in Quezon City), West Wing Residences at North Belton Communities and the second tower of the highly successful One Archers Place in Taft, Manila.