ANCHOR Land Holdings Inc., a listed niche property developer that targets the Filipino-Chinese market, said profits in the nine months through September rose 40% despite a marginal increase in sales.
In a filing to the Philippine Stock Exchange, Anchor Land said net income during the period hit P560.94 million versus P401.14 million in the same period last year. Revenues during the period rose 4.5% to P2.14 billion. Real-estate sales, which account for 90% of revenues, were up 0.4% in the first quarters.
“Consolidated costs and expenses decreased in the first three quarters of 2011 from 2010 of the same period as a result of savings on construction cost and higher profit margins of existing projects,” Anchor Land said in its report. Sales were driven by revenue recognition from the second phase of Solemare Parksuites in Paranaque City.
It also reported recurring income from commercial developments like One Shopping and Mandarin Square Commercial. Its the other projects include the 39-story Wharton Parksuites and the 56-story Anchor Skysuites.
Shares of Anchor Land, which is partly owned by billionaire Henry Sy, did not move at P19 each on Monday.
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