Posted on 10:01 PM, June 03, 2010 [ BusinessWorld Online ]
STRONG demand for condominium units led to higher profits for Anchor Land Holdings, Inc. in the first quarter, the property developer told the stock exchange yesterday.
“Net income for the first quarter of 2010 reached P138 million, up by more than P55 million or 67% compared with the P82.9 million earned during the same period last year,” Anchor Land said.
Sales rose by a fifth to P546 million due to more units sold and recognition of revenues from the SoleMare Parksuites project in Parañaque that started construction in the third quarter last year.
Anchor Land, which went public in 2007, is a property firm with a niche market in the Chinese-Filipino community.
“We are proud to be able to sustain our momentum and to register our 10th consecutive quarter of increasing revenues and profitability,” Anchor Land Chairman Stephen Lee Keng said in the statement. “We hope to continue this trend with our ongoing and upcoming projects this year,” he added.
In 2009, net income of the property firm went up for the third consecutive year. Anchor Land recorded a 57% increase in profits to P372.8 million last year from P236.2 million in the previous year.
Anchor Land has completed three luxury condominium projects in Manila -- the 33-storey Lee Tower in Binondo, Manila; the 33-storey Mayfair Tower on UN Avenue in Manila; and the 39-storey Mandarin Square, also in Binondo.
In March, Anchor Land sealed a P1-billion financing deal with Banco de Oro Unibank, Inc. and Allied Banking Corp. to fund ongoing projects.
It is building the 56-storey Anchor Skysuites on Ongpin Street and the 39-storey Wharton Parksuites that will cater to families near Chinese learning institutions in the Chinatown area.
Last year, the group acquired from the Lopez-Araneta family the historic Admiral Hotel on Roxas Boulevard in Manila. Anchor Land plans to redevelop the property into a boutique residential hotel under the new name Admiral Baysuites.
Shares in Anchor Land were last traded on May 27 at P8.50 each. -- Neil Jerome C. Morales