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Anchor Land posts 40% profit hike to P350M

[ ] August 25, 2011

Listed real estate developer Anchor Land Holdings Inc. yesterday said profit for the first half of the year reached P350 million, up 40 percent from P250 million in the same period last year.

Stephen Lee, Anchor Land chairman, said the robust net income came "on the back of strong real estate sales and other revenues."

Consolidated revenue reached P1.22 billion as the company continued to enjoy brisk sales from projects, particularly in Manila’s Chinatown, where it has two current developments.

Net income for the second quarter stood at P137.6 million, 22 percent higher than the P112 million earned in the same period in 2010.

Among Anchor Land’s current bestsellers are the 39-story Wharton Parksuites and the 56-story Anchor Skysuites, both in Chinatown, where the company has established a solid niche after it completed two earlier projects in the district – the Lee Tower and the Mandarin Square.

Another major source of revenue was the SoleMare Parksuites at the Aseana Business Park in ParaƱaque City, the first residential development in Metro Manila’s newest entertainment, tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City. SoleMare has
evolved into a sprawling mixed-use complex with commercial, leisure and business facilities. It is turning over finished units to buyers from its Phase 1 development, the first developer in the area to do so, while construction of Phase 2 is in full swing.

Anchor Land’s consolidated assets reached P9.3 billion, 33 percent higher than the P7 billion registered as of end 2010.

Anchor Land said the increase in its assets during the first six months was mainly due to the higher completion rates in its current projects, as well as aggressive land banking and its investment properties, particularly the One Shopping Center and the Two Shopping Center commercial developments that provide steady, recurring income.

"I am proud to say that, as we sustain our profitability, we are also able to grow our company’s assets. This augurs well for our future expansion plans and should ensure that we remain competitive and committed towards completing and delivering our projects on time," Lee said.

Earlier this year, the company reported acquiring nearly two hectares of property at the Aseana Business Park which Anchor Land plans to develop as the third phase of the successful SoleMare project.

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