Eton Properties 2009 Assets Hit P10.7B

April 8, 2010

Based on the financial statements recently approved by its Audit Committee, Eton Properties Philippines, Inc., posted a sharp turnaround in 2009 registering net income of P294M from a net loss of P130.7M the previous year. Total revenues jumped 2,279 percent to P2.1B in 2009 from P89M in 2008 resulting from the substantial construction of its initial residential projects The Eton Residences Greenbelt, Eton Baypark Manila, One Archers Place, South Lake Village at Eton City, and The Manors at North Belton Communities and the start of operations of its commercial centers and business process outsourcing offices. The company expects continued increased earnings growth by end of 2010 with the substantial construction work on its Eton Parkview Greenbelt, Belton Place, and Eton Emerald Lofts projects.

The Lucio Tan-led company, now on its third year, also posted a 284% increase in assets from P2.7B in 2008 to P10.7B in 2009. The company plans to launch at least 10 new projects in 2010. To date, the company has already launched 2, namely the West Wing Villas in North Belton Communities and Eton Tower Makati.

“We have reasons to be very optimistic about 2010. First, it is an election year and we are hopeful that the country will have a peaceful and orderly national election in May.

Analysts predict low interest rates and remittances from OFWs continue to grow significantly. These factors all point to a very promising year for the real estate industry. Our first quarter sales have been very strong.”, says Danilo Ignacio, President and COO of Eton Properties Philippines, Inc.

Eton Properties Philippines, Inc. is a member of the Lucio Tan Group of Companies, one of the biggest and well-established business conglomerates in the Philippines. Its foreign counterparts, Eton Properties Group of China and Eton Properties Limited of Hong Kong, are highly-recognized real estate brands.

Eton Properties launched a total of 29 projects in its first three years of operations. Its property portfolio of launched and completed projects encompasses residential, commercial, office projects and township developments. It entered the Philippine real estate scene in 2007 with the launch of several residential projects including its almost 1,000 hectare township project in Sta Rosa, Laguna, dubbed Eton City.