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Anchor Land posts 52% income growth in 2010

By Zinnia B. Dela Peña (The Philippine Star) Updated May 05, 2011 12:00 AM
MANILA, Philippines - Property developer Anchor Land Holdings Inc. said it registered a 52-percent growth in net income last year to P566 million on robust sales.
In a financial report filed with securities regulators, Anchor Land said consolidated real estate sales revenues climbed 68 percent to P2.5 billion, mainly due to new and continued project development and the increase in the recognition of the percentage of completion of projects.
Sales came from Wharton Parksuites in Binondo, Manila and Anchor Skysuites along Ongpin St., also in Binondo.
As of end 2010, the group’s third project, Mandarin Square, also located along Ongpin St., was 99 percent completed, while Solemare Parksuites Phase 1 along Macapagal Ave. in Parañaque City was 75 completed.
The company’s consolidated administrative and selling expenses however, were higher owing to the increased marketing and selling activities as well as the corresponding increase in the cost arising from increase in the group’s projects being constructed and sold.
Anchor Land’s total assets stood at P7.03 billion, 65 percent higher than P 4.25 billion a year earlier.
During the year, Anchor Land continued to develop existing condominium projects such as Mandarin Square and SoleMare Parksuites Phase I as well as One Shopping Center.
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