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Property company banks on more projects

Posted on August 21, 2013 09:45:29 PM [ BusinessWorld Online ]
PROFIT of Anchor Land Holdings, Inc. rose by nearly a tenth last quarter due to higher real estate and recurring revenues, according to a financial report the listed property developer submitted to the bourse last week.
Net income grew by 8.16% to P214.46 million in the April-June period from P198.28 million in the same three months last year, according to unaudited consolidated statements of comprehensive income in the report.
Total revenues grew by 33.66% to P1.35 billion from P1.01 billion.
Real estate revenues surged by 35.17% to P1.18 billion from P873.25 million, while rental income went up by 44.67% to P68.27 million from P47.19 million.
Cost and expenses increased by 38.81% to P1.03 billion from P742.65 million.
Second-quarter performance drove the company’s net income to P509.87 million in the first half, up by 10.76% from P460.52 million a year ago.
In the same comparative six-month periods, revenues grew by 30.80% to P2.93 billion from P2.24 billion, as real estate sales increased by 32.83% to P2.63 billion from P1.98 billion and rental income rose 39.21% to P113.86 million from P81.79 million.
“The improvement in consolidated revenues was a result of the continued sales and construction of residential condominiums, namely: Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2, Admiral Baysuites, Clairemont Hills Parksuites and Oxford Parksuites,” the company said in its report.
Wharton Parksuites, Anchor Skysuites, Admiral Baysuites are located 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 39% to P113.86 million as a result of full operations of One Shopping Center, Two Shopping Center and Mandarin Square commercial units,” the company said.
One Shopping Center and Two Shopping Center are both located in Pasay City while Mandarin Square is in Manila.
Cost and expenses increased by 36.02% to P2.19 billion from P1.61 billion in the same comparative six-month periods.
“Consolidated costs and expenses increased in the first half of 2013 from 2012 in the same period brought by the increase in percentage of completion as a result of continued construction of residential condominiums and growth in the units sold,” the company explained.
The company has earmarked P5 billion for capital expenditure this year, up from P4.5 billion actually spent last year.
Chief Executive Officer Steve Li told reporters last month that the firm expects to grow profit by double-digit rate this year.
Last year the company’s net income stood at P1.03 billion, around 22% more than the P841.7 million recorded in 2011.
Shares of Anchor Land last ended trading at P22.50 apiece on Aug. 16. Financial markets were closed on Monday and Tuesday due to heavy rains and floods, as well as yesterday due to a public holiday. -- Cliff Harvey C. Venzon      
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