Anchor Land reports 3-fold increase in net income

Listed property developer Anchor Land Holdings, Inc. said its net income increased three-fold to P191.3 million for the first nine months this year, compared to the P62.7 million recorded for the same period last year.

In its quarterly disclosure to the Philippine Stock Exchange, the company said real estate sales for the first three quarters hit P953.35 million, a 57 percent increase from the P606.48 million sales generated during the same period last year.

Anchor Land vice chairman Steve Li said the surge in revenues came from the higher number of units sold and higher project completion percentage this year.

“Our strong performance in the first nine months indicates the market’s continued acceptance of our projects. The profitability of Anchor Land continues to grow, and we are confident of sustaining this sterling performance for the rest of the year and beyond,” he said.

Li said the company’s strong earnings enabled it to embark on an aggressive land banking thrust during the first nine months, acquiring the Gotamco Realty Development Corp. and the Rening Realty Corp., which owns prime properties in Manila’s Chinatown.

The company said it registered a 156-percent increase in retained earnings from P111.4 million in September 2007 to P285.4 million in September 2008 as a result of the company’s net income of P191.37 million, less the dividend declared of P17.3 million in June of this year.

Earnings per share more than doubled from P0.21 in September 2007 compared to P0.55 in September this year.

Anchor Land’s third project, the 39-story luxury condominium Mandarin Square Tower in Binondo, is now considered the benchmark in luxury condominium development in Manila’s Chinatown, and further cemented the company’s solid standing in its niche Chinese community market.

The company launched recently its fourth project, the SoleMare Parksuites, at the ASEANA Business Park near Macapagal Ave. in Paranaque, which is enjoying brisk sales just like the company’s three earlier sold out projects, according to Beth Ventura, Anchor Land assistant vice president for sales and marketing.