Anchor Land Holdings, Inc.

MANILA, Philippines - Listed high-rise condominium developer Anchor Land Holdings reported that its net income in the first three months of the year nearly doubled as sales continued to improve.

Anchor Land told the Philippine Stock Exchange that its net income for the period climbed 83 percent to P82.94 million.

Stephen Lee, Anchor Land chairman, said the higher revenues came from the number of units sold and higher project completion percentage as the company continues to enjoy steady demand from its niche market, ethnic Chinese community.

Gross revenues grew by about the same pace to P454.62 million from P237.61 million.
In 2008, Anchor Land reported that its earnings more than doubled to P236 million. The company has completed its second condominium, the 39-storey Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square, under a subsidiary, is also nearing completion.

GMANews.TV