Anchor Land's January to September Revenues Hit P1.47B
Makati City, Philippines, November 29, 2009 --(PR.com)-- Publicly listed Anchor Land Holdings, Inc.(PSE:ALHI) has reported that consolidated revenues for the first nine months of 2009 has reached P1.475 billion, up by 55 percent compared with the P953.4 million earned during the same period last year.
Anchor Land’s revenues for the first three quarters has already surpassed its full year earnings of P1.36 billion in 2008, positioning the company for another record-setting financial performance this year.
In a disclosure to the Philippine Stock Exchange, the company said its 3rd quarter net income likewise jumped 61 percent to P308.6 million, higher by P117.2 million compared to the P191.4 million income earned from January to September 2008.
Anchor Land’s consolidated net income for the first three quarters is also higher than the P236 million it posted for the whole of 2008. Officials said strong real estate sales and higher project completion rate continue to drive Anchor Land’s profitability, with more developments lined up for launching before the end of the year.
“We have surpassed last year’s earnings, and this is a solid testament to the company’s sustained growth and profitability since we went public two years ago,” Anchor Land Chairman Stephen Lee said. “We continue to defy the downtrend in the industry, and we are quite confident that we would be able to continue our good performance as we prepare to launch more projects before the end of this year,” he added.
The company, which has established a strong niche market in the ethnic Chinese community, earlier reported gross revenues of P973.42 million from January to June 2009, higher by almost P400 million compared to the P574.11 million for the same period last year. ALHI has completed its second luxury condominium, the 39-storey Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square (under its subsidiary Manila Towers Development Corporation), is 92 percent complete as of the end of September 2009. The company broke ground for its fourth project, the Solemare Parksuites at the Aseana Business Park in Paranaque, in December last year, and sales from the twin tower development started streaming in by July 2009.
Also last July, Anchor Land acquired the historic Admiral Hotel along Roxas Boulevard in Manila from the Lopez-Araneta family, which it plans to redevelop into a boutique hotel. A second high-rise building is likewise planned within the sprawling property.www.anchorlandholdings.com
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Anchor Land’s revenues for the first three quarters has already surpassed its full year earnings of P1.36 billion in 2008, positioning the company for another record-setting financial performance this year.
In a disclosure to the Philippine Stock Exchange, the company said its 3rd quarter net income likewise jumped 61 percent to P308.6 million, higher by P117.2 million compared to the P191.4 million income earned from January to September 2008.
Anchor Land’s consolidated net income for the first three quarters is also higher than the P236 million it posted for the whole of 2008. Officials said strong real estate sales and higher project completion rate continue to drive Anchor Land’s profitability, with more developments lined up for launching before the end of the year.
“We have surpassed last year’s earnings, and this is a solid testament to the company’s sustained growth and profitability since we went public two years ago,” Anchor Land Chairman Stephen Lee said. “We continue to defy the downtrend in the industry, and we are quite confident that we would be able to continue our good performance as we prepare to launch more projects before the end of this year,” he added.
The company, which has established a strong niche market in the ethnic Chinese community, earlier reported gross revenues of P973.42 million from January to June 2009, higher by almost P400 million compared to the P574.11 million for the same period last year. ALHI has completed its second luxury condominium, the 39-storey Mayfair Tower along UN Avenue in Manila, while the third, Mandarin Square (under its subsidiary Manila Towers Development Corporation), is 92 percent complete as of the end of September 2009. The company broke ground for its fourth project, the Solemare Parksuites at the Aseana Business Park in Paranaque, in December last year, and sales from the twin tower development started streaming in by July 2009.
Also last July, Anchor Land acquired the historic Admiral Hotel along Roxas Boulevard in Manila from the Lopez-Araneta family, which it plans to redevelop into a boutique hotel. A second high-rise building is likewise planned within the sprawling property.www.anchorlandholdings.com
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Contact
Anchor Land Holdings, Inc.
Jan Venturanza
+63 2 888 9999
www.anchorlandholdings.com
Jan Venturanza
+63 2 888 9999
www.anchorlandholdings.com
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