Anchorland posts P620-M profit, up 11%

Published May 2, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Listed Property Developer Anchor Land Holdings, Inc. reported an 11 percent improvement in net income to P620.05 million last year from the P559.76 million earned in 2016.

“We continued to enhance our competitive lead in our core niche markets with our luxury developments which secured a steady source of income for the company last year,” said Anchor Land Chief Executive Steve Li.

In its disclosure to the Philippine Stock Exchange, the firm said its revenue significantly rose by 25 percent to P6.01 billion at the end of 2017. Bulk of the revenue came from real estate sales that increased 27 percent from P4.25 billion to P5.38 billion. Major contributors include sales from Monarch Parksuites in Bay City and three properties in Binondo, namely: Anchor Grandsuites, Princeview Parksuites and Oxford Parksuites.

Recurring income recorded a 26 percent increase, securing P366.06 million in 2017 from P290.48 million in 2016.

Sources of rental income include warehouse leasing in Baclaran and Binondo and its shopping center projects in Baclaran. The company also has commercial units in various residential properties.

Li said that the company heightened its edge in other market segments with lucrative potentials like corporate offices, bed spacing facilities and warehouse leasing. Anchor Land has targeted to increase its rental income to 20 percent of its overall revenue by 2020.

Expanding its presence in Bay City, it will soon open its high-end Bay Life Venue, which will house the biggest seafood restaurant in the country, and the Anchor Land Corporate Center.