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Residential, rental sales buoy Anchor Land Holdings profits

Posted on May 17, 2013 07:59:58 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Anchor Land Holdings, Inc. grew its profits by double digit in the first quarter driven by both residential and rental sales, the company said in a disclosure on Friday.
Company net income grew by 13% to P295.41 million in January-March from P262.24 million in the same period last year, according to its consolidated statement of comprehensive income.
Revenues rose by 29% to P1.58 billion from P1.23 billion attributed to the “improvement in consolidated revenues as a result of the continued sales and construction of residential condominiums namely Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2, Admiral Baysuites and Clairemont Hills Parksuites.”
Wharton Parksuites, Anchor Skysuites, Admiral Baysuites are in Manila, Solemare Parksuites Phase 2 is in ParaƱaque City, while Clairemont Hills Parksuites is in San Juan City.
“Moreover, the group’s rental income increased by 32% to P45.59 million as a result of full operations of One Shopping Center, Two Shopping Center and Mandarin Square commercial units,” the company said, referring to its shopping complex in Pasay City.
Cost and expenses grew by 33% to P1.16 billion from P871.75 million “brought by the increase in the percentage of completion as a result of continued construction of residential condominiums and growth in the units sold.”
Anchor Land Chairman Stephen Lee, in a separate disclosure, said he was “pleased” with the company’s financial performance in the first quarter.
“We are pleased to report that our flagship projects continue to enjoy robust sales during the first quarter of the year,” Mr. Lee was quoted in the statement attached to the disclosure.
“In addition, our new offerings are also gaining strong traction in their respective market segments, which should enable us to sustain our profitability and allow us to take advantage of more opportunities for the rest of the year,” he added.
Anchor Land, meanwhile, has allotted P5 billion in capital expenditures for this year “to pursue new projects that are mostly follow-ups to its existing successful developments,” the company said.
Shares of Anchor Land were unchanged at P24 apiece on Friday. -- Cliff Harvey C. Venzon
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