Eton Properties Posts PhP2B Revenue for First Nine Months of 2012
Makati—(PHSTOCKWIRE)—Eton Properties Philippines Inc. (PSE: ETON) the real estate arm of the Lucio Tan Group of Companies, posted a revenue of 2 billion in the first nine months of 2012.
The company’s revenues slid by about 45% from the PHP3.7 billion in the same period last year, partly due to non-recognition of sales of projects that have yet to commence construction. The company uses the percentage-of-completion method in recognizing residential project revenues. Net income slid by 98 percent from the 600 million in the same period last year
Construction of ongoing residential and commercial projects went full-blast in the first nine months of 2012. However, construction activities in Aurora Heights Residences, First Homes Makati and West Wing Villas were moved back to give away to design improvements and enhancements.
The company moved back construction timetables of some projects for much-needed design improvements. The enhancements, ranging from road widths to building façade improvements, will be implemented to add value to the projects in terms of quality and fuctionality.
Aurora heights residences is a transit-oriented high-rise condominium project that will rise along Aurora Avenue in Quezon City. Enhancements to be made in the project include an improved building façade design, additional parking facilities, additional amenities such as an adult and kiddie pool and an improved floor plan for the residential units
First Homes Makati is a 34-storey hi-rise condominium project to rise along Pasong Tamo in Makati, just steps away from Ayala Avenue. The company developed an improved in building façade design for the project, a bigger swimming pool and amenity area and more parking facilities.
West Wing Villas, a 5.2 hectare horizontal project in North Belton Communities in Quezon City, will be developed with wider inner roads for a better master planned residential community.
Recognition of income for the projects is expected once construction begins. For the fully-sold West Wing Villas, land development started last September. Construction activities in high-rises First Homes Makati and Aurora Heights Residences will commence in the first quarter of 2013.
Eton properties is also in the process of moving to a new computer system. The company’s acquisition of an Enterprise Resource Planning (ERP) software aims to improve and further streamline its business processes.
Recently, the company launched the second tower of First Homes Makati and the Hanna Manor, the 11th cluster of The Manors at North Belton Communties in Quezon City, an enclave featuring 14 clusters of 5-storey mid-rise buildings. Eton also plans to launch within the year a Quezon City project featuring mid-rise and high-rise condominiums.