Major real estate player Eton Properties Philippines Inc. reported an increase in total assets and gross profit margin despite a setback in net profit due to the expected market slowdown brought about by the global economic recession last year.
Eton in an annual stockholders’ meeting Friday said maintained a healthy balance sheet due to effective cost-saving measures that helped cushion the impact of the COVID-19 pandemic in 2021.
Eton Properties posted a modest growth of 2 percent in total assets to about P32.4 billion from a year ago, while equity grew P19.2 billion, resulting in an improved debt-to-equity ratio of 3 percent from 0.71 to 0.69.
Amid a slower demand in the office and residential markets, the company reported P2 billion in total revenues and a corresponding net income of P550 million in 2021. The office leasing portfolio delivered the most share with a 77-percent contribution, while commercial and retail added 11 percent. Residential leasing and the rest of the leasing portfolio accounted for 12 percent.