Anchor Land Q1 Profit Rises By 23%
by Doris C. Dumlao
Philippine Daily Inquirer
May 25, 2012

Upscale property developer Anchor Land Holdings Inc. grew its first quarter net profit by 23 percent year-on-year to P262 million.

ALHI reported to the Philippine Stock Exchange on Thursday that consolidated revenue for the first three months reached P1.23 billion, up by 71 percent from year ago level.

ALHI attributed the revenue and net income growth to earning from ongoing projects such as Wharton Parksuites, Anchor Skysuites, Solemare Parksuites Phase 2 and Admiral Baysuites. The company also started fully realizing rental income in the first quarter of the year from its commercial units at One Shopping Center and Mandarin Square which brought in P34.6 million, for a 470-percent increase year-on-year.

Its second commercial development, Two Shopping Center, also started contributing to the group’s income target income as the project was still on its turnover stage during the first quarter.

“We are confident that, given our strong first quarter showing, Anchor Land would be able to hit our P1-billion net income target for 2012,” ALHI chair Stephen Lee said in a statement.

“Our continuing focus on our niche market in the Filipino-Chinese community, combined with strong reception for our projects in the Manila Bay area, have made possible our sustained profitability over the years,” he said. “We intend to stay on this growth path for the long term.”

The 39-storey Wharton Parksuites and the 56-storey Anchor Skysuites, which are both under construction, are located in Manila’s booming Chinatown district.

Anchor Land has two other completed and fully sold projects in the district – the Lee Tower and the Mandarin Square.