Eton sees net income doubling in 2010

Lucio Tan-led real estate company Eton Properties Philippines, Inc. sees its net income doubling this year as first quarter earnings reached ten times the year-ago level, fueled by the continuing bullishness in the real estate industry.

The company’s net income for the first three months of the year surged to P185 million from P18 million in 2009, with total revenues reaching P974 million, almost thrice the 2009 level at P352 million, the company said in a statement.

With the surge in its first quarter financial results, Eton sees its earnings for the full year to hit P700 million, more than double its 2009 net income of P294 million.

Eton’s total assets likewise grew more than thrice to P11.7 billion from P3.4 billion a year ago.

Its total reservation sales from its residential projects in the first four months of the year also posted a 98% increase year-on-year, with its March sales the highest in the company’s history, President and Chief Operating Officer Danilo Ignacio in a statement.

The company attributed its rise in revenues to its eight ongoing residential projects, as well as its various commercial centers and offices in Metro Manila.

“We have reasons to be bullish in 2010. Growth will be driven by the strong results of the real estate business, boosted by the country’s successful first automated national elections. We didn’t see any wait-and-see attitude on the part of our buyers and investors prior to the election. With the relatively peaceful elections over, we foresee that this boom will continue and strong numbers will keep pouring in," Ignacio said.

The company has recently launched two new projects this year, and eight others are lined up for the rest of the year. It has launched 29 projects in its first three years of operations, which include residential, commercial, office projects, and township developments.--Nikka Corsino, GMANews.TV

Source: GmaNews