Anchor Land's earnings nearly double as sales improve

MANILA, Philippines - Anchor Land Holdings Inc., a listed high-rise condominium developer, said earnings nearly doubled as sales continued to improve. Net income in the first three months of the year climbed 83 percent to P82.94 million, Anchor Land told the Philippine Stock Exchange (PSE) in a disclosure. Increased revenues came from condo unit sales, which in turn, resulted from faster and higher project completion rates, Stephen Lee, Anchor Land chairman, said. The company continues to enjoy steady demand from its niche market, ethnic Chinese community, it said. 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. Shares of Anchor Land As of March 31 this year, its top shareholders include Harley Sy, son of mall tycoon, Henry Sr. - Cheryl M. Arcibal, GMANews.TV