Anchor Land profit rises 16% to ₱814 M

Property developer Anchor Land Holdings, Inc. reported a 16 percent in consolidated net income to ₱814.27 million last year from the ₱700.63 million earned in 2018.

In a statement, the firm said the increase in its net income is attributed to its continuously growing rental operations. Anchor Land reported a 29 percent increase in its recurring income to ₱782.99 million in 2019, compared to ₱604.76 million in 2018.

“We have remained true to our commitment to increasing our shareholder value by strengthening our rental operations,” Anchor Land Chief Executive Officer Steve Li said.

He added that, “As we have announced last year, part of our strategy is geared towards sustaining our growth momentum by building our leasable portfolio.”

The significant increase in its rental operations was driven by its office and commercial projects, particularly The Centrium and Baylife Venue in Parañaque City, and the Kanlaon Tower in Pasay City.

Anchor Land also reported a significant growth in its assets of ₱33.52 billion, which is 20 percent higher than the ₱28.00 billion posted in 2018.

The significant increase is mainly attributed to the increase in its investment properties and property equipment by ₱5.94 billion. Investment properties climbed up to ₱14.89 billion in 2019 from ₱9.86 billion in 2018.

The 51 percent increase in its investment properties is mainly driven by the continuing construction of the The Centrium, Cosmo Suites, and the acquisitions of several properties in the City of Manila (Binondo and Roxas Boulevard) and San Vicente, Palawan.