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 Parañaque 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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