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Anchor Land posts 24% hike in first-quarter net income

Posted on May 24, 2012 10:08:38 PM [ BusinessWorld Online ]

NICHE DEVELOPER Anchor Land Holdings, Inc. grew its net income in the first quarter by double digits last year, buoyed by strong sales and the construction of ongoing residential projects, a disclosure to the local bourse showed yesterday.

Its net income for January to March rose by 24.01% to P263.45 million from P212.44 million last year, while revenues breached the P1-billion mark, climbing by 71% to P1.23 billion versus P719.98 million, year-on-year.

This profit growth, however, is slower than the 53% rise notched in the first quarter of 2011.

Nevertheless, the real estate firm cited its continued strength in the Filipino-Chinese market as its growth driver.

“Our continuing focus on our niche market in the Filipino-Chinese community, combined with strong reception for our projects in the Manila Bay area, has made possible our sustained profitability over the years,” said Stephen Lee, Anchor Land chairman.

“We intend to stay on this growth path for the long term,” Mr. Lee added.

Sales from condominium projects Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites lifted the company’s real estate revenues to P1.11 billion, up 71.49% to P1.11 billion from P646.73 million in the same period.

On the other hand, rental income from One Shopping Center Mall in Baclaran, ParaƱaque City and Mandarin Square in Binondo, Manila, also contributed to the company’s bottom line, jumping 470.02% to P34.60 million versus P6.07 million, year on year.

Costs and expenses nearly doubled to P871.75 million from P454.61 million last year, brought about by the increase in the completion rates of the firm’s projects.

The company’s robust performance in the first quarter puts it on track in achieving its earlier-announced full-year growth goal.

“We are confident that, given our strong first quarter showing, Anchor Land would be able to hit our P1-billion net income target for 2012,” Mr. Lee said.

Anchor Land, incorporated in 2004, is the holding firm of the Anchor Group and is engaged in real estate development and marketing with a focus on high-end residential condominiums in Manila catering to the Filipino-Chinese community.

Moving forward, Anchor Land is allotting a capital expenditure budget of roughly P4.5 billion to bankroll the construction of four condominium developments in the cities of Manila, San Juan, and Pasay, as well as a premium office and commercial building on Roxas Boulevard.

This figure is expected to be funded by bank loans and internally-generated cash.

While current Anchor Land developments are presently located in Metro Manila, the company earlier said that it may expand its presence beyond the capital if demand is present.

Shares of Anchor Land rose by 0.15% to P34.05 apiece yesterday from P34.00 at its previous close. -- Franz Jonathan G. de la Fuente
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