Anchor Land net profit hits P620M
ANCHOR Land Holdings, Inc. reported an 11% increase in profit in 2017, driven by higher real estate sales and increased rental income.
In a regulatory filing, Anchor Land said its net income stood at P620.05 million as of end2017, compared to the previous year’s P559.76 million.
The property developer’s revenues jumped 25% to P6.01 billion last year. The bulk or 90% of revenues were derived from real estate sales, which rose 27% to P5.38 billion. This was driven by sales from Monarch Parksuites in Bay City and three projects in Binondo, namely Anchor Grandsuites, Princeview Parksuites and Oxford Parksuites.
“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,” Anchor Land CEO Steve Li was quoted as saying in a separate statement.
Rental income increased 26% to P366.06 million in 2017, due to higher occupancy at its warehouses One Logistics in Baclaran and One Soler in Binondo. Anchor Land also has shopping center projects, One Shopping Center and Two Shopping Center in Baclaran, as well as commercial units in its properties, Admiral Baysuites, Solemare Parksuites, Anchor Skysuites, Wharton Parksuites and Mandarin Square.
Anchor Land is aiming to bring the share of rental income to 20% of its overall revenue by 2020.
The company will soon expand its presence in Bay City, with the opening of the highend Bay Life Venue which will house the Anchor Land Corporate Center and a seafood restaurant.
Anchor Land is also building Cosmo Suites in Pasay, which will offer 3,000 bedspaces for employees, and a warehousing facility Juan Luna Logistics in Binondo.
“The Philippines’ continuously growing economy also helped boost our business. And with a 6-7% GDP growth, we are optimistic that we will be able to sustain our growth which will pave the way for the company’s long- term development,” Mr. Li said.