Eton Properties earns 77% more in Q1

As published in The Philippine Star on June 18, 2015 The real estate arm of tycoon Lucio Tan said yesterday profits in the first three months of the year surged more than half, on track to surpass the P119.86 million full­year income in 2014. According to Eton Properties Philippines Inc., it registered a first quarter net income of P50.92 million, a 77 percent climb from the P28.80 million it earned in the same period .last year. Eton said the company's revenues likewise jumped 20 percent to P644.46 million from P539.14 million generated the previous year. "The first quarter of 2015 went well for Eton Properties. Our first quarter results provide a good indicator we are on track towards reaching our targets for 2015," said Josefino Lucas, deputy chief operating officer of Eton. Lucas said higher rental income from commercial centers such as Centris Station and Centris Walk, as well as business process outsourcing (BPO) offices like Cyberpod Centris One, Cyberpod Centris Two, Cyberpod Centris Three and Eton Cyberpod Corinthian pushed its rental income for the quarter to P257.96 million, 97 percent higher than the previous year's P131.23 million. He said leasing take­up of the company's commercial and office projects is strong and the company's BPO office buildings are fully leased out at present. With the favorable outcome of its profits in the three­month period, Lucas said net income for 2015 is expected to be higher than what the company raked in last year, especially with more office and retail projects in its pipeline. Eton earlier announced it would launch five new projects for 2015 which include a high rise residential condominium project, three office towers, and a boutique mall. The residential condominium will form part of the company's one­hectare mixed­use development in Makati City dubbed Eton WestEnd Square which will also feature a boutique mall and a BPO office building. The company is likewise putting up its fifth BPO office building in Eton Centris to be called Cyberpod Centris Five, and its sixth office tower in Ortigas Center. Eton said it would also start the expansion of Centris Walk, an upscale lifestyle, dining and entertainment destination in Eton Centris within the year. The property firm has earmarked P9 billion for capital expenditures this year and at least P28 billion over the next five years. Eton was officially delisted from the official registry of the Philippine Stock Exchange in 2013 after making a voluntary exit and is currently eyeing to make a comeback in the stocks market as early as next year.