Eton Properties Philippines Inc., the property development arm of tycoon Lucio Tan, expects to sustain its strong performance in the first quarter throughout the rest of the year.
To mitigate the impact of the pandemic to the business, the company has implemented cost-saving measures, deferred project capital expenditures, improved tenancy mix by having more pandemic-resistant tenants, and enhanced its business continuity plan to sustain its operations during the community quarantine.
“At the onset of the Covid-19 pandemic, Eton Properties put the safety of its stakeholders as its top priority. We implemented health and safety protocols in all our buildings, enforced social distancing, and enhanced our digital access for our clients,” Karlu Tan Say, the company’s COO, said.
“Coupled with our efforts to optimize our portfolio to meet customer demands while enhancing shareholder value, we are confident that we can achieve sustainable growth.”
The company said its net income for the first quarter rose by 13 percent to P169 million, from the previous year’s P149 million, on the increase in rental income and the improvement in the gross profit margin of real estate sales.
At the end of March, Eton Properties had a leasing portfolio of approximately 181,000 square meters of office space and over 43,000 square meters of retail space.
Last year, the company was able to complete the construction of Cyberpod Five, a PEZA-registered office building in in Eton Centris in Quezon City, and topped off the 36-story Blakes Tower in Makati City.
Construction is also ongoing 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.