Anchor Land Holdings, Inc.

LISTED property developer Anchor Land Holdings Inc ALHI is expecting to post its third straight year of profitability as buyer interest continues to sustain sales despite the financial crisis.

In a disclosure ALHI said profits for the first six months of the year jumped 67.3 percent to PI85.6 million compared with the same period last year The uptick was credited to the boost in second quarter sales which rose threefold to P1.36 billion from the comparable period in 2008.

As such revenues went up 70 percent to P973 42 million. We are in a very strong position to surpass last year s earnings given the very healthy revenuesand net income for the first half Anchor Land chairman Stephen Lee said Our numbers only show that despite the economic crisis the real estate sector remains as robust as ever.
Officials of ALHI added that strong real estate sales amounting to P925.51 million continuetodrive Anchor Land s profitability positioning the high end condominium developer to surpass or at least equal its 2008 revenues of P1.36 billion.

In June ALHI bought the Lopez Araneta controlled Admiral Hotel on Roxas Boulevard in Manila as well asan additional property as part of a P4 billion plan to expand its presence in the Manila Bay area.