By Neil
Jerome Morales (The Philippine Star) | Updated August 22, 2013 - 12:00am
MANILA,
Philippines - Upscale residential developer Anchor Land Holdings Inc. reported
a double-digit profit growth in the first half, allowing it to remain on track
to breaching the P1-billion full year income mark anew.
Higher real
estate sales and leasing income contributed to the earnings, growth, the
company said in a regulatory filing.
First half
net income hit P510.87 million, 11
percent higher than the P460.52 million in the same period last year as
consolidated revenues expanded 31 percent to P2.93 billion from P1.35 billion.
“The
improvement in consolidated revenues was a result of then continued sales and
construction of residential condominiums namely Wharton Parksuites, Anchor
Skysuites, Solemare Parksuites Phase 2, Admiral Baysuites, Clairemont Hills
Parksuites and Oxford Parksuites,” Anchor Land said.
“Moreover,
the group’s rental income increased 39 percent to P113.86 million as a result
of full operations of One Shopping Center, Two Shopping Center and Mandarin
Square commercial units,” it added.
However,
costs and expenses surged to P2.19 billion from P1.02 billion given the
continued construction of its residential condominium projects.
Selling and
administrative expenses jumped 41 percent to P582 million due to the increase
in items like salaries and wages, rental expenses, taxes and licenses, and
marketing expenses, the company said.
For this
year, the property developer is focused on increasing its footprint adjacent to
its current developments.
Anchor Land
allotted P5 billion in capital expenditures for this year, up from P4.5 billion
last year to pursue follow-up projects in its existing developments.
Anchor Land
chairman Stephen Lee said the company will further strengthen its presence in
Chinatown where the company started and where it has established a solid niche
and loyal customer base among affluent Filipino-Chinese businessmen.
Projects for
this year include the P11-billion, four-tower Monarch Parksuites, which will
rise on a nearly two-hectare property between the SM Mall of Asia and the
Pagcor Entertainment City.
In Chinatown,
Anchor Land’s residential developments include the Oxford Parksuites, a
learning-centered project and the Princeview Parksuites that will offer
practical units sizes and cater to young families.
To increase
its recurring income, the company will enter a commercial venture in Binondo
called One Soler, which will offer warehousing facilities to Chinatown
traders.
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