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 Parañaque 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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