MANILA - Lucio Tan-led Eton Properties Philippines Inc. posted a net income of P67 million in the first 9 months of the year, a reversal of the P120-million loss it incurred in the same period last year, owing to a dramatic increase in revenues.

In a statement, Eton Properties said it posted a 2,983% increase in revenues to P1.5 billion during the period due to the substantial construction of residential projects, including One Archers Place along Taft Avenue in Manila, South Lake Village at Eton City in Sta. Rosa, Laguna, and the first clusters of The Manors at North Belton Communities in Quezon City.

Accounting rules only allows the company to book revenues based on percentage completion of its residential developments.

"The strong reservation sales growth we’ve experienced in the past 3 quarters are solid signs that the Philippine real estate market is starting to rebound," said Eton Properties president and chief operating officer Danilo Ignacio.

The two-year old listed property developer projects increasing earnings growth by yearend as it continues to recognize income from residential projects under construction, and start booking leasing income from commercial and office projects.

Eton began operations in February 2007 and has since expanded its portfolio to include mid-range to high-end residential projects, office and commercial buildings and township developments. It has also established its brand in Hong Kong, Shanghai, Beijing, Dalian and Xiamen.