MANILA – Eton Properties Philippines Inc. is expecting to reach its targets for the year following a strong performance in the first quarter.
The real estate arm of the LT Group posted a net income of P50.92 million in the first three months of the year, up 77 percent from the P28.80 million registered in the same period last year.
Total revenues jumped 20 percent to P644.46 million in the first quarter of 2015 from the P539.14 million generated during the first quarter of 2014.
The firm said it nearly doubled its rental income for the quarter to P257.96 million from last year’s P131.23 million driven by increased rental income from commercial centers Centris Station and Centris Walk, as well as BPO offices Cyberpod Centris One, Cyberpod Centris Two, Cyberpod Centris Three and Eton Cyberpod Corinthian.
In 2014, Eton posted a net income of P119.86 million.
Eton said it will continue to focus on strengthening its property portfolio with more office and retail projects to serve the growing BPO market.
The company earlier said it will launch five new projects this year, including a high rise residential condominium project, three office towers, and a boutique mall.
Eton is also planning to expand Centris Walk and re-conceptualize Aurora Heights Residences in Quezon City.
It will be spending P28 billion in capital expenditures over the next five years for its residential and commercial projects. For this year alone, Eton will spend P9 billion in capital expenditures, more than double last year’s spending of P4.3 billion.
Eton Properties is the real estate brand of the Lucio Tan Group, one of the biggest business conglomerates in the Philippines. Its foreign counterpart, Eton Properties Ltd, is an established real estate brand in Hong Kong and mainland China. With an extensive land bank in strategic locations all over the country, Eton specializes in high-end and mid-income high-rise and horizontal residential developments, office projects, commercial centers and mixed-use township developments.