Eton profit up 83% in ’19

- Advertisement -

Eton Properties Philippines Inc. said its profit last year reached P900 million, up 83 percent from the prior year’s P491.8 million.

Earnings before interest tax depreciation and amortization (EBITDA) was at P1.9 billion, up 55 percent.

Revenues were recorded at P3.3 billion.

- Advertisement -

Of this, lease revenue reached P1.7 billion, representing a 14 percent 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, the company said.

High occupancy at The Mini Suites, the company’s serviced residences in Eton Tower Makati, added P181 million, a 95 percent jump in revenue. Real estate sales, on the other hand, were recorded at P1.4 billion,” it added.

The company said that to meet strong demand for its properties, construction activities remained in high gear last year. 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.

Eton Properties meanwhile expressed confidence that the company will sustain its strong performance in 2020 despite the effect of the new coronavirus disease 2019 (COVID-19).

“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,” Eton said.

Author

- Advertisement -

Share post: