Anchor Land profit up 13% to P1.58B in Q1

May 17, 2013 10:41 pm 

MANILA, May 17 — High-end property developer Anchor Land Holdings, Inc. booked 13-percent increase in profit in the first quarter of 2013 on the back of continuing strong real estate sales and increase in recurring rental revenues.

In a disclosure, Anchor Land said its earnings reached P295.4 million from P262.24 million recorded during the same period in 2012. Revenues also rose 29 percent from P1.22 billion to P1.58 billion.

Real estate sales still accounted for bulk of Anchor Land’s revenues in the first quarter at P1.44 billion, 30 percent higher than the P1.11 billion in the same quarter a year ago.

Rental revenues also increased by 31.8 percent to P45.59 million from P34.6 million in the same quarter last year.

Anchor Land Chairman Stephen Lee said the biggest revenue generators in the first quarter are still their bestselling projects like Anchor Skysuites in Binondo, Manila, the Admiral Baysuites along Roxas Boulevard also in Manila, and Phase 2 of the SoleMare Parksuites at the ASEANA Business Park in Paranaque City.

“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,” Lee said.

Other contributors to Anchor Land’s healthy bottom line included its Clairemont Hills projects in San Juan City and the Wharton Parksuites also in Chinatown, while its rental income was bolstered by the full operations of its One Shopping Center and Two Shopping Center commercial complexes in Pasay City.

Lee said that for 2013, Anchor Land will further strengthen its presence in Chinatown where the company started and where it has established a loyal customer base among affluent Filipino-Chinese businessmen.

Anchor Land has allotted P5 billion in capital expenditures for 2013 to pursue new projects that are mostly follow-ups to its existing successful developments especially in areas where demand for Anchor Land projects remain strong.

These include the P11-billion Monarch Parksuites, the Oxford Parksuites, the Princeview Parksuites, the One Soler, a warehousing facility.

Other projects for this year include a still unnamed luxury residential development along Roxas Boulevard as a follow-up to the Admiral Baysuites in the same vicinity, and another warehousing facility in Baclaran called One Logistics. (PNA)



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