Anchor Land earnings rise 40% in 9 mos

MANILA, Philippines - Binondo-based upscale property firm Anchor Land Holdings Inc. said its net earnings grew 40 percent in the nine months ending September 2011 to P561 million.

In a statement, Anchor Land said consolidated revenues reached P2.14 billion, up five percent from the year-earlier level largely due to the recognition of revenues from Phase 2 of its bestselling SoleMare Parksuites project as well as sustained sales and construction activities in its other luxury residential developments.

Anchor Land likewise derived revenues from the commercial operation of its One Shopping Center Mall in the Baclaran bargain district and the company-held commercial units in its Mandarin Square project in Binondo.

Earnings per share amounted to P1.62 or 39.65 percent higher than the P1.16 reported in 2010. EBITDA, on the other hand, jumped 68 percent to P727.5 million.

“We are glad to report that Anchor Land and its subsidiaries continue to perform remarkably well, sustaining our upward earnings trajectory and putting us on path to another profitable year in 2011,” said Stephen Lee, chairman of Anchor Land.

Lee said the growth in revenues was also due to a decrease in the company’s consolidated costs and expenses as a result of savings on construction costs and higher profit margins from current projects.

Anchor Land’s major source of revenue this year is the SoleMare Parksuites at the ASEANA Business Park in Parañaque City, the first residential development in Metro Manila’s newest entertainment, tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City.