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Anchor Land profit up 49%

[ ] March 29, 2012

ANCHOR Land Holdings Inc. (Anchor Land) said profit for last year reached P842 million, 49 percent higher than the previous year’s P566 million.

This is the fifth year of consecutive income and revenue growths for the fast-rising company since its listing in 2007, the company said.

Revenues reached P3.02 billion, up from the previous year’s P2.66 billion, while earnings before taxes reached P1 billion compared with the previous year’s P619.66 million.

"We have achieved several milestones in 2011 that further strengthened our industry position as one of the fastest-growing in terms of profitability, organization and project offerings. This solidified position in turn has opened more opportunities that we intend to take advantage to the fullest and to work towards enhancing our shareholder value even more," said Anchor Land chairman Stephen Lee.

"Our healthy bottomline is attributed mainly to a combination of higher revenues and lower costs, which came in marginally lower than the year before. This efficient cost control is quite significant given the ongoing expansion of our manpower resources while undertaking several major projects," he added.

Lee said assets grew to P11 billion, a 53 percent increase from the previous year’s P7 billion.

He said that the company’s new projects in 2012 will be a mix of horizontal, vertical and commercial developments as part of Anchor Land’s continuing efforts to create new markets and expand existing ones, particularly its portfolio of commercial projects that should provide more recurring income in the near to medium term.

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