Anchor Land Holdings, Inc.

NOTING prospects of stronger profits from last year, listed high-end builder Anchor Land Holdings Inc. (ALHI) declared a cash dividend of at least P47 million, equivalent to one-fifth of net earnings recorded last year.

The dividend declaration, at 13 centavos per share, is higher than the previous year’s 5 centavos. ALHI vice chairman Steve Li earlier said the firm has yet to feel the pinch of the economic crisis as it continues to bank on the strength of its core Filipino-Chinese buyers which contribute over 60 percent of sales.

“We committed to declare a cash dividend equivalent to 20 percent of our net income,” Li said.
In 2008 the company declared a net income of P236 million, or 130 percent higher than the previous year. Revenues also rose over 200 percent due to recognition of sales from its nearly completed Mayfair Tower and Mandarin Square high-rise projects in Manila City.

Approved by ALHI’s board of directors during a meeting on June 24, stockholders of record as of July 8 shall be entitled to the cash dividend. Payment date is on August 3.

In June 28, the company said it acquired the Admiral Hotel and an adjacent property in Roxas Boulevard from the Lopez-Araneta family for P360 million. ALHI said it plans to renovate the original structure into a 5-star boutique hotel. Meanwhile, an upscale twin tower condominium, to be called Admiral Baysuites, will rise on the adjacent property. The company also said it plans to spend P4 billion to strengthen its presence in the prime bay area.

Capital expenditures for 2009 have been increased by 25 percent to P2.5 billion, which will fund ALHI’s various developments and land purchases.

Anchor Land reported a net income of P82.94 million, higher by 83 percent from the comparative period last year.

The company, which has established a strong niche in the ethnic Chinese community posted gross revenues of P454.62 million from January to March this year, higher by P217 million compared to last year’s P237.61 in the comparative period.