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July 10, 2020Eton Properties reports 83% hike in 2019 net income
Lucio Tan-led Eton Properties Philippines’ net income in 2019 soared 83% to Php 900 million compared to the previous year, the Company announced in its recent Annual Stockholders’ Meeting.
The Company’s EBITDA registered a 55% growth to Php 1.9 billion, while total revenues were recorded at Php 3.3 billion. Of this, lease revenue reached Php 1.7 billion, representing a 14% increase compared to the same period last year. This was driven by the opening of Eton WestEnd Square in Makati City, and Eton Square Ortigas in San Juan, as well as strong demand for its office spaces.
Likewise, high occupancy at The Mini Suites, the company’s serviced residences in Eton Tower Makati, added Php181 million, a 95% jump in revenue. Real estate sales, on the other hand, were recorded at Php 1.4 billion.
Amidst the disruptions of COVID-19 in the global environment, Eton Properties’ officials expressed confidence that the company will sustain its strong performance in 2020. To mitigate the impact of the virus to the business, the Company has implemented cost-saving measures, deferred project CAPEX, improved tenancy mix by having more pandemic-resistant tenants, and enhanced its Business Continuity Plan to sustain its operations during the community quarantine.
“At the onset of the COVID-19 pandemic, Eton Properties put the safety of its stakeholders as its top priority. We implemented health and safety protocols in all our buildings, enforced social distancing, and enhanced our digital access for our clients. Coupled with our efforts to optimize our portfolio to meet customer demands while enhancing shareholder value, we are confident that we can achieve sustainable growth,” said Ms. Karlu Tan Say, Chief Operating Officer.
To meet strong demand for its properties, Eton Properties’ construction activities remained in high gear in 2019. It completed the construction of Cyberpod Five, a PEZA-registered office building in in Eton Centris, Quezon City, and topped off the 36-storey Blakes Tower in Makati City. Construction is also on-going for the first phase of the 4.3-hectare Eton City Square in Sta. Rosa, Laguna and NXTower I, an office building along Emerald Avenue and Ruby Road in Ortigas. All these are expected to positively impact the company in the years ahead.
