A significant increase in real-estate sales drove the first quarter profit of high-end listed property developer Anchor Land Holdings Inc. toward a 13-percent improvement.
In a disclosure to the Philippine Stock Exchange, Anchor Land reported a consolidated net income of P295.4 million from January to March, which is 13 percent higher than the P262.24 million recorded during the same period in 2012.
The group also saw a 29-percent increase in its revenues for the quarter, earning P1.58 billion on the back of continuing strong real-estate sales and increase in recurring rental revenues.
“Real-estate sales still accounted for bulk of Anchor Land’s revenues in the first quarter at P1.44 billion, 30 percent higher than the P1.11-billion sales revenues in the same quarter a year ago, while rental revenues increased by 31.8 percent to P45.59 million from P34.6 million in the same quarter last year,” the corporate disclosure said.
According to Stephen Lee, Anchor Land chairman, the firm’s biggest revenue generators are its best-selling projects in Manila and Parañaque City.
“We are pleased to report that our flagship projects continue to enjoy robust sales during the first quarter of the year. In addition, our new offerings are also gaining strong traction in their respective market segments, which should enable us to sustain our profitability and allow us to take advantage of more opportunities for the rest of the year,” he added.
Other contributors to Anchor Land’s healthy bottom line included its projects in San Juan City and in Chinatown, while its rental income was bolstered by the full operations of its
One Shopping Center and Two Shopping Center commercial complexes in Pasay City.
Lee further said that for 2013, Anchor Land will further strengthen its presence in Chinatown in Binondo, Manila.
Anchor Land has allotted P5 billion in capital expenditures for 2013 to pursue new projects that are mostly follow-ups to its existing successful developments, especially in areas where demand for the company’s projects remain strong.
MADELAINE B. MIRAFLOR