Anchor Land Holdings, Inc.

LISTED high-rise developer Anchor Land Holdings Inc. (ALHI) declared a cash dividend of at least P47 million yesterday due to high net income growth.

ALHI announced the payout after posting P236 million net income in 2008 and high net profit in the first quarter of 2009.

In a disclosure to the Philippine Stock Exchange, the firm said that the cash dividend, which is 13 centavos per share, is 160 percent higher than 2007’s dividend of 5 centavos per share.

“We committed to declare a cash dividend equivalent to 20 percent of our net income, and we are more than happy to honor this commitment,” Steve Li, ALHI vice chairman, said in a statement.
The payment date is August 3.

ALHI in the first quarter of this year posted a net income of P82.94 million, 83 percent higher than in the same period in 2008 of P45.24 million. Gross revenues rose to P452.62 million, compared to last year’s P237.61 million.

The dividend was made as Anchor Land is currently strengthening its foothold in the prime Roxas Boulevard area in Manila and “position in the upscale residential condominium market” by acquiring the historic Admiral Hotel in Manila from the Lopez-Araneta family for P36 million.

The move is part of ALHI P4 billion investment plan in Manila’s famous bay front.

In an earlier disclosure, the company said it plans to redevelop the building into a five-star boutique hotel and construct an upscale residential condominium to be called Admiral Baysuites at the back of the hotel.

The company also has several big projects in the pipeline like the 55-storey Anchor Sky Suites in Binondo, Manila.