Image via WikipediaListed high-end developer Anchor Land Holdings, Inc. has reported that its net income for the first half of 2010 has reached P250.5 million, up 35 percent compared to the P185.7 million earned during the same period last year.
Officials said it was the 11th quarter of consecutive income and revenue growth for the company, dating back to its listing in the Philippine Stock Exchange in August of 2007.
In a disclosure, the company said second quarter revenues also jumped 15 percent to P1.12 billion, higher by P147.2 million compared to the P973.43 million in revenues from January to June 2009. ALHI Chairman Stephen Lee Keng said higher real estate revenues contributed to the company’s sustained growth, mainly from the increase in the number of condominium units sold and the increase in the recognition of the percentages of completion of its ongoing projects.
He said recognition of revenues from its best-selling SoleMare Parksuites project at the ASEANA Business Park in Parañaque City started in the 3rd quarter of 2009, while recognition of revenues from its Wharton Parksuites project in Binondo started in March of 2010.
“Clearly, we have established traction and momentum in the market as evidenced by our strong second quarter results,” Lee Keng said. “With more projects in the pipeline, we are very confident of sustaining this trend of increasing profitability and creating value for our shareholders.”
Lee Keng said that since the company went public in 2007, Anchor Land has been able to sustain its upward financial performance due to the strong niche market it has carved in the Filipino-Chinese community, and lately in the overseas Filipino market.
The company reported consolidated revenues of P1.63 billion for 2009, surpassing the P1.36 billion revenue in 2008.
Earlier, the company also reported a first quarter net income of P138 million for 2010 from revenues of P546 million.
Anchor Land has completed three luxury condominium projects to date: The 33-storey Lee Tower along Gandara Street in Binondo, the 33-storey Mayfair Tower along UN Avenue in Manila, and the 39-storey Mandarin Square (under its subsidiary Manila Towers Development Corporation) along Ongpin Street, also in Binondo.
The company broke ground and started selling Solemare Parksuites in December 2008. SoleMare is a pioneer residential condominium in the Bay City, an emerging leisure and entertainment destination off Manila Bay, which has been warmly received particularly by Filipinos based overseas.
Anchor Land started construction of the 56-storey Anchor Skysuites along Ongpin Street, projected to become the tallest building in the City of Manila, and the 39-storey Wharton Parksuites along Masangkay Street, which caters mainly to those who send their children to prominent Chinese learning institutions in the district.
In July of 2009, the company acquired the historic Admiral Hotel along Roxas Boulevard in Manila which it plans to redevelop into a boutique hotel. Two high-rise residential condominiums are likewise planned within the sprawling property. The company targets to launch the project by the last quarter of this year.
ANCHOR LAND HOLDINGS, INC.
Registrant
By:
CHRISTINE P. BASE
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