Startup investments hit Eton's '07 profit

By Daxim Lucas Philippine Daily Inquirer FINANCIAL losses of the tobacco tycoon Lucio Tan’s Eton Properties Philippines Inc. widened significantly at the end of last year as the company embarked on an aggressive spending program to get its first projects off the ground. But its total assets were close to hitting the P1-billion mark a year after it was founded, Eton said. In a statement, Eton said its net loss at the end of 2007 reached P146.7 million, 664-percent bigger than the P19.1-million loss it reported in April last year. It said it expected to start earning sales revenues this year. Eton said its assets had reached P980 million at the end of 2007, up 165 percent from the asset base it disclosed in its last reporting period. It said there was brisk take-up of its projects, two of which -- The Eton Residences Greenbelt and Eton Baypark Manila -- had been fully reserved from launch date. Cash and near-cash assets rose to P395.1 million as of the latest reckoning, up 324 percent from a year earlier, Eton said. It said its growth trend was expected to continue especially since deposits made by early buyers had reached P701.5 million, up 2,308 percent from April 30, 2007. It said the increase in deposits was due to “record reservations of its four other projects launched within the year.” The company’s projects include Eton Emerald Lofts in the Ortigas business district, Belton Place and Eton Parkview Greenbelt in the Makati business district, and One Archers Place in Manila. Edited by INQUIRER.net