Property firm Eton reports higher earnings

Higher sales lifted the net income of Lucio Tan-owned Eton Properties Philippines Inc. in the year's first semester. In a statement to the Philippine Stock Exchange on Tuesday, Eton said its net income grew 10 percent to P417.9 million from P380.3 million last year. Total revenues increased 37 percent to P2.62 billion from P1.92 billion in the first half of 2010. The revenues resulted from the higher recognition of sales due to ongoing construction of its projects. Sales of residential units and higher rental income from its office and mall properties also contributed to the higher profit for the period. "We see Eton's revenue and income hitting record levels this year," said Danilo Ignacio, Eton Properties president and chief operating officer. The developer will focus on the construction 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 also plans to launch a residential condominium for the middle income market segment in Eton Centris this year. Since starting operations four years ago, Eton Properties has launched a total of 41 projects. -CMA/OMG, GMA News