Anchor Land 9 months profit up 61% to P308M

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 3.