Eton Properties profit plunges

Eton Properties Philippines Inc. (EPPI), the real estate arm of the Lucio Tan Group, reported a 71-percent drop in net income to P213 million last year, from P746 million in 2023, mainly due to a one-time gain in the previous year.

- By JAMES A. LOYOLA

In a statement, the firm said its lower 2024 earnings were “primarily due to a one-time P503-million inventory revaluation gain recorded the previous year,” noting that “core operations remained strong.”

It added that, “Increased costs—particularly from vertical and horizontal development activities, maintenance and repair work, taxes, and personnel—also contributed to the decline in profitability.”