Eton Properties profit up 10% to P418 million in H1

MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of tycoon Lucio Tan, hiked its six-month profit by 10 percent to P417.9 million this year.

Total revenues grew 37 percent to P2.62 billion from P1.92 billion a year ago, mainly coming from the ongoing construction of The Eton Residences Greenbelt, Eton Parkview Greenbelt, One Archers Place West Tower, Belton Place, Eton Emerald Lofts, West Wing Residences and the first five clusters of The Manors of North Belton Communities, 68 Roces, South Lake Village at Eton City and Riverbend.

Robust sales of its residential units and higher rental income from its office and mall properties also contributed to the higher profit for the period.

Increased rental income from completed BPO offices – Eton Cyberpod Centris and Eton Cyberpod Corinthian – as well as commercial projects Centris Station, E-Life and Centris Walk, pushed up total lease income in the first half to P167.4 million, more than double the P73.4 million generated in the same period in 2010.

Eton president and chief operating officer Danilo Ignacio said the company is on track to meet its 2011 profit target of P1 billion, mainly driven by higher recognition of sales and increased rental income from completed business process outsourcing offices.

“We see Eton’s revenue and income hitting record levels this year,” Ignacio said.

Eton expects to complete 11 residential projects, consisting of 3,600 units; seven residential buildings, four horizontal developments, two commercial developments, and The Elements (a modern type event venue which shall cater to both social events of middle to upper income families and corporate functions of business process outsourcing firms).

The Eton Group, which has launched a total of 41 projects in its four years of operations,   operates three major brands — Eton for the high end segment, Belton for the middle income segment and First Homes for the broad affordable market.

Eton is 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 plans to launch a residential condominium for the middle income market segment in Eton Centris this year.