Eton Properties doubles net income in 2010

Lucio Tan-owned developer Eton Properties Philippines more than doubled its net income last year on strong sales. In a statement posted at the Philippine Stock Exchange website on Monday, Eton said its earnings increased 154 percent from P288 million to P732 million as revenues jumped 126 percent to P4.5 billion. The company cited "strong residential sales, leasing income from BPO office and mall properties and the completion of a number of projects" for the revenue growth. "Eton will show strong numbers in 2011 since we see very good opportunities for market expansion this year coupled with the scheduled turnover of our early residential projects," said Danilo Ignacio, Eton president and chief operating officer. The company also plans to focus on the development of its two township projects- Eton City in Sta Rosa, Laguna and Eton Centris in Quezon City. Another plan is to tap into tourism-related projects. Ignacio said Eton's first residential project in Eton Centris, a 12-hecatre mixed-use township at the corner of EDSA and Quezon Avenue, will soon be launched. "These are very exciting times for the property industry. Factors that make for a stable economy are present. There is genuine interest in investment products. Increasing OFW remittances and low interest rates continue to fuel GDP growth and inflation is at a record low. The Philippines is now the top business process outsourcing destination in the world, providing thousands of new jobs to Filipinos. All these things benefit the property sector," Ignacio said. Eton Properties is currently operating under three brands, Eton for the high end segment, Belton for the middle income segment and FirstHomes for the broad affordable market. -- CMA/OMG, GMA News