Thursday, August 20, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
LISTED ANCHOR Land Holdings, Inc. expects to at least match its 2008 revenues after real estate sales in the first half remained strong despite the economic slowdown.
In a disclosure to the Philippine Stock Exchange, the property developer reported that revenues for the first half jumped by 70% to P973.42 million, from P574.11 million in the same period last year.
Anchor Land said net income from January to June likewise went up by 67.3% to P185.7 million, from P110.98 million the previous year.
Strong real estate sales, which reached P925.51 million, continued to drive profitability, and should allow the condominium developer to surpass or at least equal 2008 revenues of P1.36 billion, officials said.
"We are in a very strong position to surpass last year’s earnings, given the very healthy revenues and net income for the first half," Anchor Land Chairman Stephen Lee said in a statement. "Our numbers only show that despite the economic crisis, the real estate sector remains as robust as ever."
Mr. Lee said 2009 would likely see a third consecutive year of rising profitability since the firm went public in 2007.
In June, Anchor Land bought the Admiral Hotel on Roxas Boulevard from the Lopez-Araneta family, as part of its P4-billion investment plan in the Manila Bay area. The company said it would redevelop the property into boutique hotel, and put up an upscale residential condominium beside it.
Anchor Land, which intends to diversify from its traditional Chinese-Filipino market, plans to spend a total of P2.5 billion this year to buy properties in Metro Manila.
The company’s shares closed flat at P6.50 apiece yesterday. — Don Gil K. Carreon