Eton Properties Philippines Inc. (EPPI) reported a 2.9-percent growth in rental income of P1.76 billion in 2020 despite a global slowdown due to the new coronavirus disease 2019 pandemic.
This was announced at the company’s recent annual stockholders’ meeting.
The growth in the company’s rental income was the result of office, commercial and residential leasing revenue as well as hotel room sales. Together with other income segments, Eton Properties delivered a gross revenue of P2.6 billion.
“We were able to mitigate the adverse impacts of the pandemic early on, reason why we still attained an improvement of 11 percent on our gross profit margin,” said Karlu Tan Say, Eton Properties chief operating officer.
Eton Properties achieved an EBITDA (earnings before interest, taxes, depreciation and amortization) of P1.8 billion and a net income of P802 million for 2020.
After a respite due to quarantine restrictions, construction works for Eton Properties’ ongoing projects are now in full swing.
In 2020, the company was able to complete Blakes Tower, a 36-storey office and residential building in Makati which will have 11,400 square meters (sq.m.) of office space and 14,000 sq.m. of residential space.
Construction work has resumed for Eton City Square 1 in Sta. Rosa, Laguna. Once completed, it will add 7,200 sq.m. of gross leasable area to Eton Properties’ commercial leasing portfolio.
“We project new rental revenues from these projects, as we engage with pandemic-resistant tenants that offer essentials and medical services to locate in our properties,” said Charlie Carlos, Eton Properties executive vice president.
