Anchor Land nets P561M

MANILA, Philippines—Property developer Anchor Land Holdings Inc. grew its net profit in the first nine months by 40 percent year on year to P561 million as it booked revenues from luxury apartment projects and rental of commercial properties.

The company and its subsidiaries reported that consolidated revenues for the first three quarters amounted to P2.14 billion, a 5-percent growth compared to the same period last year, mainly due to the recognition of revenues from the second phase of SoleMare Parksuites, its best-selling project. It also benefited from sustained sales and progress of construction activities in its other luxury residential developments.

SoleMare Parksuites, located at the ASEANA Business Park in Parañaque City, is the first residential development in the tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City.

Anchor Land likewise derived recurring rental revenues from the commercial operation of its One Shopping Center Mall in the Baclaran bargain district and the company-held commercial units in its Mandarin Square project in Binondo during the period.

Stephen Lee, the company’s chairman, said the increase in revenues was complemented by a decrease in Anchor Land’s consolidated costs and expenses in the first three quarters compared to 2010 as a result of savings on construction costs and higher profit margins from current projects.

“We are glad to report that Anchor Land and its subsidiaries continue to perform remarkably well, sustaining our upward earnings trajectory and putting us on path to another profitable year in 2011,” Lee said.

Its assets reached P10 billion as of end-September, up by 40 percent from the level at end-2010.

Earnings per share (EPS) as of September stood at P1.62 versus the P1.16 EPS in September last year.

Other notable Anchor Land projects are the 39-story Wharton Parksuites and the 56-story Anchor Skysuites, both located at Manila’s booming Chinatown where the company has established a solid niche.

The company has also started constructing the 53-story Admiral Baysuites along Roxas Boulevard, the luxury residential component of the Admiral Hotel, which is currently being redeveloped by Anchor Land into a European-inspired boutique hotel.