Anchor Land Holdings, Inc.

Listed upscale property developer Anchor Land Holdings Inc. reported Monday an 83 percent increase in net income during the first quarter of the year, bucking the decline in profits of other high-end real estate players.

In a statement, Anchor Land said its net income nearly doubled to P82.94 million in January to March 2009 from only P45.24 million in the same months last year.

The company's revenues surged 91 percent to P454.6 million from P237.61 million, owing mainly to strong demand from its niche Filipino-Chinese market.

Our sustained profitability during the first three months puts us in a position to at least match, if not surpass, our record earnings last year," said Anchor Land chairman Stephen Lee.
In 2008, despite the financial turmoil that saw many developers scale down projects, the company reported a net income of P236 million, more than twice the P103 million recorded in 2007 on the back of a threefold rise in revenues to P1.36 billion.

Lee said the continued surge in Anchor Land's revenues this year was due to the increase in number of units sold and project completion percentage as the company continues to enjoy steady support from its niche market while it taps into new segments that are equally lucrative.

Anchor Land has completed its second luxury condominium, the 39-storey Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square in Binondo, is also nearing completion.

ABSCBNNews.com