MANILA, Philippines - Profits of property developer Anchor Land Holdings Inc. grew by nearly half in 2011, the company told the Philippine Stock Exchange Wednesday.
The listed company reported a net income of P842 million, 49-percent higher than the P566 million it posted in 2010. Meanwhile, revenues hit P3 billion, a 13-percent improvement over the P2.66 billion in 2010.
The company said this is the fifth consecutive year that its income and revenue grew since listing in 2007.
“Our healthy bottom line is attributed mainly to a combination of higher revenues and lower costs, which came in marginally lower than the year before. This efficient cost control is quite significant given the ongoing expansion of our manpower resources while undertaking several major projects,” said Stephen Lee, Anchor Land Chairman.
Lee said the company's assets jumped by 53 percent from P7 billion in 2010 to P11 billion in 2011.
Looking forward, he said the company’s new projects for this year will be "a mix of horizontal, vertical and commercial developments as part of Anchor Land’s continuing efforts to create new markets and expand existing ones, particularly its portfolio of commercial projects that should provide more recurring income in the near- to medium-term."
“We will continue our focus in Metro Manila where our company has established a strong presence and loyal customer base particularly in the Filipino-Chinese community,” Lee said.
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