ETON Properties Philippines Inc. reported its net income fell 71.45 percent to P213 million in 2024 from P746 million in 2023.
“This performance comes amid broader industry challenges, including the exit of Philippine offshore gaming operators (POGOs) and the non-renewal of some retail tenancies,” the real estate arm of the Lucio Tan Group said in a statement issued on Wednesday.
Eton also traced its earnings decline to the absence of a one-time gain.
Its 2023 annual report marked a P503-million gain out of “repossessed inventories” that year.
The company said revenues grew 12 percent to P3.1 billion in 2024 from P2.77 billion in 2023.
Its core operations remained strong.
However, increased costs, particularly in vertical and horizontal development activities, maintenance and repair work, taxes and personnel also contributed to the decline in Eton’s profitability.
“2024 showed our ability to stay steady in a shifting market. We stayed focused on delivering long-term value, adapting where needed, and investing where it mattered most,” said Kyle Tan, president and chief executive officer (CEO).
The company is positioning itself for long-term profitability following key investment decisions in 2024, which are expected to strengthen the company’s market position in the years ahead, he said.
Eton has set a P900-million capital expenditures guidance to support property enhancement programs and township redevelopment.
