Total revenues are also up by 20%.
LT Group’s real estate arm Eton Properties Philippines, Inc. (EPPI) closed the first quarter of 2015 with a net income of Php 50.92 million, 77% higher than last year’s Q1 net income of Php 28.8 million. Total revenues also showed an increase from Php 539.14 million in 2014 to Php 644.46 million.
Rental income for the January-March 2015 period also exhibited an upsurge of 97% to Php 257.96 million from 2014’s Php 131.23 million, credited largely to the lease of the company’s commercial centers Centris Station and Centris Walk and business process outsourcing (BPO) buildings Cyberpod Centris One, Cyberpod Centris Two, and Cyberpod Centris Three all in Eton Centris in Quezon City, as well as Eton Cyberpod Corinthian in Ortigas Center.
“The first quarter of 2015 went well for Eton Properties. Our first quarter results provide a good indicator that we are on track towards reaching our targets for 2015”, Eton Deputy COO Josefino Lucas said.
According to Eton, net income for 2015 is projected to increase compared to 2014’s Php 119.86 million. The brand also revealed that it will soon begin constructing a fifth BPO office building in Eton Centris called Cyberpod Centris Five, and a sixth one in Oritgas Center. Plans to expand Centris Walk will also be carried out soon.
Photo from the EPPI website