Condominium sales lift Anchor Land net income by 32% in H1

Strong sales and construction activities drove Anchor Land Holdings Inc.'s financial results to higher grounds in the first half, especially its net income which surged 32 percent to P460.52 million from P350 million, the company said Wednesday.

 

The property developer, whose shares are traded on the Philippine Stock Exchange, noted its sales revenues consisted largely of condominium units.

 

“The increase is due to the continued construction and new units sold in the company’s residential condominium projects,” said Anchor Land chair Stephen Lee.

 

“Total revenues from real estate sales increased by 85 percent to P1.98 billion in the first half of 2012 compared to the same period last year,” Lee added.

 

Earnings per share as of end-June were P1.29 from P1.01 in the same comparable period.

 

“Anchor Land, which has been diversifying into other real estate segments, said rental income increased by 185 percent because of the higher number of units leased in its One Shopping Center and Mandarin Square commercial units in the first half of the year,” its disclosure to the PSE read. 

 

Its assets posted a significant increase to P12.18 billion as of end-June 2012, up P1.5 billion from P10.7 billion as of end-2011. — MJC/VS, GMA News