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LISTED ANCHOR Land Holdings Inc expects to at least match its 2008 revenues after real estate sales in the first half remained strong despite the economic slowdown.
In a disclosure to the Philippine Stock Exchange the property pine Stock Exchange the property for the first half jumped by 70 to P973.42 million from P574.11 million in the same period last year.
Anchor Land said net income from lanuary to June likewise went up by 67.3 to PI85.7 million from PI 10 98 million the prcvious year.
Strong real estate sales which reached P925,51 million continucd to drive profitability and should allow the condominium developer to surpass or at least equal 2008 revenues of PI.36 billion officials said.
"We are in a very strong position to surpass last year's earnings given the very healthy revenues and net income for the first half," Anchor Land Chairman Stephen Lee said in a statement "Our numbers only show that despite the economic crisis the real estate sector remains as robust as ever."
Mr Lee said 2009 would likely see a third consecutive year of rising profitability since the firm went public in 2007.
In June Anchor Land bought the Admiral Hotel on Roxas Boulevard from the Lope family as part of its P4 billion investment plan in the Manila Bay area The company said it would redevelop the property into boutique hotel and put up an upscale residential condominium beside it.
Anchor Land which intends to diversify from its traditional Chinese Hlipino market plans to spend a total of P2 5 billion this year to buy properties in Metro Manila.
The company s shares closed flat at P6-50 apiece yesterday. |
