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Property developer sees profit breach P1-B mark

Posted on April 15, 2013 10:12:28 PM [ BusinessWorld Online ]
ANCHOR LAND Holdings, Inc. saw profit last year top P1 billion on the back of strong sales of its residential projects, the company said in a statement attached to a disclosure yesterday.
  It plans to spend about P5 billion on new property projects this year.
The company reported a net income of P1.03 billion last year, up 22% from P841.7 million in 2011. Revenues grew by 37% to a record P4.14 billion from P3.02 billion, “mainly on the back of robust real estate sales from ongoing projects,” Anchor Land said.
Bulk of Anchor Land’s revenues were derived from the sale of ongoing projects, namely: Anchor Skysuites, Admiral Baysuites, and Wharton Parksuites in Binondo, Manila; SoleMare Parksuites Phase 2 in ASEANA Business Park, ParaƱaque City; and Clairemont Hills in San Juan City; the disclosure added.
Rental income, a growing revenue stream, grew nearly fourfold to P171.47 million from P43.55 million due to commercial units in the company’s residential sites.
This year, Anchor Land plans to spend P5 billion, up from last year’s P4.5 billion, “to pursue new projects that are mostly follow-ups to its existing successful developments…”
Its shares were last traded on April 11 at P20.95 each. -- FJGDLF
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