ETON Properties Philippines, Inc. (EPPI) reported a 38% increase in its earnings backed by solid real estate sales and its robust leasing business.
In a statement on Wednesday, the real estate arm of LT Group, Inc. said its net income after tax reached P479 million in 2018 from P348 million in the year prior.
This was supported by a 42% growth in gross revenue to P3.3 billion last year from P2.3 billion in 2017. Real estate revenues soared 102% to P1.7 billion, fueled by sales of its residential projects and higher prices of its ready-for-occupancy units. Among these projects are 8 Adriatico in Manila, 68 Roces in Quezon City, The Manors at North Belton Communities in Caloocan City, and West Wing Residences at Eton City in Sta. Rosa, Laguna.
Rental income increased by 8% to P1.5 billion as business process outsourcing (BPO) companies renewed their leasing agreements at higher rental rates. Income from serviced apartments and property management services also boosted revenues.
“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,” EPPI President Lucio K. Tan, Jr. said in a statement.
The company’s consolidated assets stood at P31.4 billion, which was 6% higher than the P29.7 billion recorded in 2017.
Mr. Tan expects EPPI to keep “an optimal portfolio mix that balances recurring income and real estate sales.”
Last year, the property company completed the construction of Eton Square Ortigas in San Juan City. It also began work on Cyberpod Five in Eton Centris located in Quezon City, Eton WestEnd Square in Makati City, and Eton City Square located in Sta. Rosa, Laguna.
EPPI said it is planning to develop new projects in its mixed-use communities in Sta. Rosa, Laguna, Makati City and Quezon City. — Vincent Mariel P. Galang