May 19, 2013

Anchor Land posts 13% profit hike in Q1

Anchor Land Holdings Inc.’s consolidated net income rose 13% to P295.4 M compared with P262.24 M a year ago. It was supported by a 29% growth in revenues to P1.58 B. Specifically, real estate sales accounted for P1.44  B of revenues, up 30%  from last year.

Rental revenues also jumped 31.8% to P45.59 M. Top revenue generators in the first quarter were major projects Anchor Skysuites in Binondo, Manila; the Admiral Baysuites along Roxas Blvd. also in Manila; and Phase 2 of the SoleMare Parksuites at the Aseana Business Park in Paranaque City.

Anchor Land allotted P5 B in capital expenditures for this year, up from P4.5 B last year to pursue follow-up projects in its existing developments. Projects for this year include the P11B four-tower Monarch Parksuites, which will rise on a nearly twohectare property between the SM Mall of  Asia and Pagcor’s Entertainment City.

To increase its recurring income, the company will enter a commercial venture in Binondo called One Soler, which will offer warehousing facilities to Chinatown traders. - WealthSec