Anchor Land earnings rise 23% to P262M

Manila, Philippines -  Binondo-based property firm Anchor Land Holdings Inc. reported a 23-percent rise in its first quarter net income this year to P262.24 million on the back of higher sales.

In its filing with the Philippine Stock Exchange, Anchor Land said consolidated revenues jumped 71 percent to P1.23 billion due to sales generated from Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2 and Admiral Baysuites.

Rental income surged 470 percent to P34.6 million as a result of One Shopping Center and Mandarin Square commercial units having full quarter of operations in the first quarter.

Consolidated costs and expenses went up due to the increase in the percentage of completion of several residential condominium projects.

Anchor Land, partly owned by the Sy family, has earmarked P4.5 billion this year to launch six new residential projects and/or expansion phases.

Among its new projects include Oxford Parksuites, Clairemont Hills, Admiral Baysuites II, SoleMare Parksuites Phase III, One Executive Suites and One Soler.

Anchor Land intends to further strengthen its position in the industry by continuing to create new markets, expanding its current bestsellers and boosting its portfolio of commercial projects that should provide more recurring income in the near to medium-term.