Makati–(PHStocks)–Anchor Land Holdings Inc. (PSE: ALHI) has reported that consolidated revenues for the first three months of the year have reached PhP1.23 billion, a hefty 71% increase from the PhP720 million revenues for the same period last year.
Net income increased by 23% to PhP262 million from the PhP212 million in the first quarter of 2011. Earnings per share was at PhP0.74 in March of 2012 from the PhP0.61 a year ago.
In a disclosure to the Philippine Stock Exchange, the company said revenue and net income growth was primarily due to strong sales and construction of ongoing projects like Wharton Parksuites, Anchor Skysuites, SoleMare Parksuites Phase 2 and Admiral Baysuites.
In addition, the company started fully realizing rental income in the first quarter of the year from its commercial units at One Shopping Center and Mandarin Square which brought in PhP34.6 million for a 470% increase.
Its second commercial development, Two Shopping Center, also started contributing to the Group’s income, albeit slightly, as the project was still on its turnover stage during the first quarter.
“We are confident that, given our strong first quarter showing, Anchor Land would be able to hit our PhP1 billion net income target for 2012,” according to ALHI Chairman Stephen Lee.
“Our continuing focus on our niche market in the Filipino-Chinese community, combined with strong reception for our projects in the Manila Bay area, have made possible our sustained profitability over the years,” he said. “We intend to stay on this growth path for the long term.”
The 39-storey Wharton Parksuites and the 56-storey Anchor Skysuites, which are both under construction, are located in Manila’s booming Chinatown district.
Anchor Land has two other completed and fully sold projects in the district, the Lee Tower and the Mandarin Square. The company is planning more developments in the Binondo area including a commercial building to be called One Soler which will be launched this year.
The company has likewise gained a foothold in other markets with its SoleMare Parksuites at the ASEANA Business Park in Parañaque City, the first residential development in Metro Manila’s newest entertainment, tourism and leisure complex off Manila Bay between the SM Mall of Asia and the Pagcor Entertainment City.
SoleMare has evolved into a sprawling mixed use complex with commercial, leisure and business facilities and was the first to turn over finished units to buyers from its Phase 1 development in the last quarter of 2011.
Anchor Land is likewise working on its Admiral Hotel redevelopment along Roxas Boulevard. The historic edifice is being transformed into a European-inspired boutique hotel that will feature a white gloved 6-star hotel service.
Included in the ongoing Admiral property redevelopment is the construction of a 53-storey luxury residential condominium called the Admiral Baysuites which has also started contributing significantly to the Group’s revenues.
Earlier this year, the company reported that full year revenues for 2011 reached more than PhP3 billion, with a net income of PhP842 million.
The company said it has allotted PhP4.5 billion in capital expenditures for 2012 and will launch at least five new projects to sustain its growth trajectory.