Performancing Metrics

Anchor Land profit registers significant increase in first half

Written by Katrina Mennen A. Valdez - The Manila Times Friday, 12 September 2008 23:41

Developers - Anchor Land Holdings, Inc.

Anchor Land Holdings Inc. posted a net profit significantly exceeding previous by more than seven folds in the first half of the year, Steve Li, vice chairman, announced in a statement Friday.

Li said the company’s net profit of over P110 million in the first half was around 760 percent higher than in the same period last year.

The executive attributed the growth to strong sales generated by Mandarin Square and Mayfair Tower, two of ALHI’s current residential projects.

The 33-storey Mayfair Tower, located in the corner of United Nations Avenue and Mabini Street in Ermita, Manila, is 85-percent complete, with final completion expected before the end of the year. On the other hand, the Mandarin Square is 28-percent complete, with an expected topping-off of its extensive 39 floors by end-December.

Li also announced that the firm’s fourth major project, the SoleMare Parksuites, will have its formal launching soon. The project is a 6,000-square-meter, low-density, twin-tower condominium located in Aseana Business Park, which is the first residential project in the area. Conceptualized as an ‘intermittent living’ location, the SoleMare is designed to provide transient individuals with residences suitable to their needs.

At the forefront of ALHI’s projects is the Anchor Skysuites, a 55-storey condominium expected to be the tallest building in Binondo, Manila.

Li said ALHI is exploring several opportunities for the next two years through land banking efforts.

“[We] have other projects in the pipeline, but we are also very cautious. [We] always try to review our plan of expansion. This is one thing that [we] are trying to make sure about,” he said.

Further, he said that ALHI is bulling to meet its P250-million net profit by the end of the year.

“According to the company’s financials, ALHI is well on its way towards reaching that aspiration, even amidst the currently less-than-favorable economic state in the Philippines, thus [we] are in line with our projections, with our target for the year,” Li said.

The company’s profitability continues to grow, with a net income of P45.2 million in the first quarter and P65.7 million in the second quarter. In line with an ambitious plan of expansion, the company is aggressively recruiting personnel to increase its sales network and back room support, to fill up critical management positions and to enhance sales and marketing efforts.