By Madelaine B. Miraflor
Eton Properties Philippines Inc., the property arm of Lucio Tan’s group of companies, has booked a 2018 net income after tax of P479 million, 38 percent higher than the P348 million recorded in 2017, on the back of strong real estate sales and a robust leasing business.
The company said in a statement that its real estate sales jumped by 102 percent to P1.7 billion, supported by the accelerated sales velocity and increased prices for its Ready-for-Occupancy units in several projects.
Its rental income, on the other hand, climbed by 8 percent to P1.5 billion as Business Process Outsourcing (BPO) continued to renew their leases at higher rental rates, leading to a stable occupancy of office spaces.
Eton Properties’ income from serviced apartments and property management services also contributed to the net increase in revenue for 2018.
Overall, the company’s gross revenues grew by 42 percent to P3.3 billion from P2.3 billion.
Eton Properties’ consolidated assets stood at P31.4 billion, 6 percent higher than the P29.7 billion consolidated assets as of 2017.
“Evidently, the global companies that have made our offices the site of their Philippine operations have seen how the strategic location of Eton Properties’ developments, combined with the well-thought-out facilities in each of these buildings, have contributed to their operational productivity,” said Eton Properties President Lucio K. Tan Jr.
Tan said Eton Properties will continue to maintain an optimal portfolio mix that balances recurring income and real estate sales.
In 2018, Eton Properties completed the construction of Eton Square Ortigas in San Juan City.
The company also carried out construction activities for Cyberpod Five in Eton Centris in Quezon City, Eton WestEnd Square in Makati City, and Eton City Square in Sta. Rosa, Laguna.
Moving forward, the company expects to continue the development of new projects in the mixed-use communities it has developed in Sta. Rosa, Makati, and Quezon City.