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Anchor Land income jumps 42% to P706M in 9 months

 Written by  Tribune
 Thursday, 22 November 2012 00:00 [ ]

Anchor Land Holdings Inc. announced its consolidated revenues in the first nine months of 2012 rose to P3.03 billion.

The figure is a 42 percent increase compared to P2.14 billion recorded in same period last year as the company enjoyed.

The improved renenues was attributed to strong sales and sustained construction activities in its ongoing residential condominium projects.

In a disclosure to the Philippine Stock Exchange, the company reported that the January-to-September period likewise increased in net profit to P706.8 million, a 26-percent growth compared to P560.9 million for the same nine-month period in 2011.

Earnings before interest and taxes reached P943.67 million, up from P730.36 million year-on-year.

Anchor Land’s strong financial results in the first nine months is driven mainly by robust sales and continuing construction activities for its current projects, namely Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites.

In addition to its residential sales, the company has started realizing strong recurring income from its commercial developments.

Anchor Land’s rental income reported an increase of 376 pecent to P123.9 million as a result of the full operations of its One Shopping Center in Pasay City and the commercial units in its Mandarin Square project in Binondo.

Another commercial development in Pasay City, Two Shopping Center, also started to contribute to the increase in revenue beginning on the second quarter of 2012.

Wharton Parksuites and Anchor Skysuites are both located in Manila’s Chinatown while Solemare Parksuites is at the Aseana Business Park in Parañaque.

Admiral Baysuites, which is the redevelopment of the historic Admiral Hotel, is along Roxas Boulevard in Manila.

Its newest project, Clairemont Hills in San Juan City, has begun construction in the third quarter of 2012 while another Chinatown residential condominium, the Oxford Parksuites, has been launched as a follow up to the successful Wharton Parksuites.

Clairemont Hills is a low-density development to rise in suburban San Juan City. This project features clusters of 23 three-store townhouses with a medium-rise condominium at the center.

ALHI chairman Stephen Lee said that the diversification of the company’s income sources is a long-term strategy, with recurring rental income expected to further increase its contribution to the company’s bottom line in the coming years.

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