Eton Properties posts turnaround last year

Net profits of Lucio Tan-owned Eton Properties Philippines, Inc. hit P294 million last year, a turnaround from a net loss of P130.7 million in the prior year, the company said in a statement. Total revenues jumped almost 24 times to P2.1 billion following the initial construction of residential projects The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City and The Manors at North Belton Communities. The property developer also cited the start of operations of commercial centers and business process outsourcing offices. "The company expects continued increased earnings growth by [the] end of 2010 with the substantial construction work [at] Eton Parkview Greenbelt, Belton Place and Eton Emerald Lofts projects," it said. Assets of Eton, now on its third year, almost quafrupled to P10.7 billion last year. The company said it planned to launch at least 10 new projects this year. The company has already launched two — the West Wing Villas in North Belton Communities and Eton Tower Makati. "We have reasons to be very optimistic about 2010. First, it is an election year and we are hopeful that the country will have a peaceful and orderly national elections in May," Eton President and Chief Operating Officer Danilo Ignacio said in a statement. "Analysts predict low interest rates and remittances from [Filipino workers abroad will] continue to grow significantly. These factors all point to a very promising year for the real estate industry. Our first quarter sales have been very strong," he added. Eton launched 29 projects in its first three years of operations. Its portfolio includes residential, commercial and office projects, as well as township developments. It entered the local real estate scene in 2007 with the launch of several residential projects, including its almost 1,000-hectare township project in Sta Rosa, Laguna, dubbed Eton City. — NPA, GMANews.TV