UPSCALE property developer Anchor Land Holdings Inc. has reported a 61-percent rise in its nine-month net profit to P308.6 million over a year ago on strong sales and the recognition of revenues from three high-rise residential projects completed this year.

For the third quarter alone, net profit rose by 49 percent to P122.87 million, from year-ago level.

?We have surpassed last year?s earnings, and this is a solid testament to the company?s sustained growth and profitability since we went public two years ago,? Anchor Land chair Stephen Lee said in a statement.

?We continue to defy the downtrend in the industry, and we are quite confident that we would be able to continue our good performance as we prepare to launch more projects before the end of this year,? he added.

The company, which has established a strong niche market in the ethnic Chinese community, reported a 55-percent growth in consolidated real estate sales revenue to P1.47 billion for the nine months that ended Sept. 30.

The group?s second project, Mayfair Tower located at the corner of United Nations Avenue and Mabini Street in Ermita, Manila, was 100 percent completed as of end-April this year, while the third project, Mandarin Square, located along Ongpin Street in Binondo, Manila, was 92 percent completed by end-September.

Starting July this year, ALHI started realizing sales on its Solemare Parksuites project in Parañaque City.

Consolidated costs and expenses were higher at P1 billion for the nine months this year compared to P661.6 million in the same period last year. This was due to higher marketing and selling activities as well as the corresponding increase brought about by the recognition of the cost of real estate.