Property developer Anchor Land Holdings Inc. reported a 16 percent in consolidated net income to P814.27 million last year from the P700.63 million earned in 2018.
In a statement, the firm said the increase in its net income is attributed to its continuously growing rental operations. Anchor Land reported a 29 percent increase in its recurring income to P782.99 million in 2019, compared to P604.76 million in 2018.
“We have remained true to our commitment to increasing our shareholder value by strengthening our rental operations,” Anchor Land Chief Executive Officer Steve Li said.
He added that, “As we have announced last year, part of our strategy is geared towards sustaining our growth momentum by building our leasable portfolio.”
The significant increase in its rental operations was driven by its office and commercial projects, particularly The Centrium and Baylife Venue in Parañaque City, and the Kanlaon Tower in Pasay City.
Anchor Land also reported a significant growth in its assets of P33.52 billion, which is 20 percent higher than the P28.00 billion posted in 2018.
The significant increase is mainly attributed to the increase in its investment properties and property equipment by P5.94 billion. Investment properties climbed up to P14.89 billion in 2019 from P9.86 billion in 2018.
The 51 percent increase in its investment properties is mainly driven by the continuing construction of the The Centrium, Cosmo Suites, and the acquisitions of several properties in the City of Manila (Binondo and Roxas Boulevard) and San Vicente, Palawan.
“We are committed to our property development strategies and strengthening our stronghold in Manila Chinatown and in the Bay City,” Anchor Land President Elizabeth Ventura said.
She noted that, “Despite the disruption to economic activities caused by the COVID-19 pandemic, we remain prudent in our risk management and business continuity strategies.” According to Ventura, the company’s appropriate risk management procedures include the development of contingent financial and operational plans, adherence to the guidelines imposed by the local and national government, and strict compliance to the health protocols set by the Department of Health.