Eton's net income grows tenfold in first half

ABS-CBN News

Posted at Aug 13 2010 05:37 PM | Updated as of Aug 14 2010 01:37 AM

MANILA, Philippines - First-half earnings of Eton Properties Philippines Inc., the real estate arm of tobacco magnate Lucio Tan, grew almost tenfold to P385 million from P40 million a year ago, boosted by higher residential sales.

This puts the company on track to meeting its full-year net income target, its president and chief operating officer Danilo Ignacio said.

"We are on track to achieve our target annual net income of P700 million this year."

Eton's total revenues in January to June reached P1.9 billion, a 280% increase from P503 million in the same period last year. The company booked higher sales due to the ongoing construction of various projects such as 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.

“The first half of 2010 was very good for Eton Properties. Within the first 7 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," noted Ignacio.

Eton recently 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 in Quezon City.

It also just launched its first affordable residential project, Aurora Heights, a 2-storey mid-rise development targeting start-up families.

Since the start of its operations in 2007, Eton has launched a total of 30 projects.