[ Manila Bulletin Online ] December 9, 2008
Listed property developer Anchor Land Holdings, Inc. reported a net income of P191.3 million for the first nine months of 2008, 205 percent higher than the P62.7 million the company earned on the same period last year.
In its quarterly disclosure to the Philippine Stock Exchange, Anchor Land said real estate sales for the first three quarters hit P953.35 million, a 57 percent increase from the P606.48 million sales generated during the same period last year.
Anchor Land Vice Chairman Steve Li said the strong surge in revenues came from the higher number of units sold and higher project completion percentage this year, an indication that the company continues to enjoy robust support from its niche market despite the ongoing economic slowdown.
"Our strong performance in the first nine months indicates the market’s continued acceptance of our projects. The profitability of Anchor Land continues to grow, and we are confident of sustaining this sterling performance for the rest of the year and beyond," Li said.
Li said ALHI’s strong earnings also enabled the company to embark on an aggressive land banking thrust during the first nine months, acquiring the Gotamco Realty Development Corporation and the Rening Realty Corporation, which owns prime properties in Manila’s Chinatown.
The company said it registered a 156 percent increase in retained earnings from P111.4 million in September 2007 to P285.4 million in September 2008 as a result of the company’s net income of P191.37 million, less the dividend declared of P17.3 million in June of this year.
Earnings per share more than doubled from P0.21 in September 2007 compared to P0.55 in September this year.
Anchor Land’s third project, the 39-storey luxury condominium Mandarin Square Tower in Binondo, is now considered the benchmark in luxury condominium development in Manila’s Chinatown, and further cemented the company’s solid standing in its niche Chinese community market.
