Anchor Land posts P372.8-million income in 2009

MANILA, Philippines - Anchor Land Holdings Inc., an upscale real estate development firm based in Manila, posted a net income of P372.8 million last year, up 58 percent from the 2008 level, on the back of steady strong sales from its condominium projects.

In a financial report submitted to the Philippine Stock Exchange, Anchor Land said consolidated revenues grew 19.85 percent to P1.63 billion.

Stephen Lee, chairman of Anchor Land, the said 2009 results marked the company’s third consecutive year of increasing profitability since its listing in 2007. From only P103 million in 2007, the company’s net earnings more than doubled to P236 million in 2008.

“I thank our loyal customers, investors and stakeholders for another successful year and for their unwavering trust and confidence, without which we would not have been able to achieve all these sterling results,” Lee said.

The strong profitability also allowed Anchor Land to declare a 21 centavo dividend per share for the year to shareholders on record as of June 30. The cash dividends are payable on or before July 15, 2010.

As of end-December 2009, Anchor Land had total assets of P4.25 billion, nearly double the previous level of P2.72 billion.

Anchor Land has established a strong niche market in the ethnic Filipino-Chinese community and has four completed and ongoing projects in Manila’s Chinatown district, including its signature Anchor Skysuites which, at 56 storys, is set to become the highest edifice in the Binondo area.

The company completed two projects last year – the 33-story Mayfair Tower along UN Avenue in Manila and the 39-story Mandarin Square (under its subsidiary Manila Towers Development Corp.) along Ongpin in Binondo.