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MANILA, Philippines - Anchor Land Holdings Inc. reported that its earnings in the three months ending March rose by nearly a quarter on improved sales, putting the company on track to hit its P1-billion profit guidance for the year.
In a disclosure to the Philippine Stock Exchange, the property developer said net income rose by 23 percent to P262 million in the first quarter from P212 million in the same three-month period of 2011.
Consolidated revenues reached P1.23 billion, up 71 percent from the previous year's P720 million, on strong sales and construction of ongoing projects.
“We are confident that, given our strong first quarter showing, Anchor Land would be able to hit our P1 billion net income target for 2012,” said the company’s 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. We intend to stay on this growth path for the long term," he added.
The company also fully realized the rental income contribution of commercial units at One Shopping Center in Baclaran and Mandarin Square in Binondo. Contribution of its second commercial development in Baclaran was still minimal since the project was on its turnover stage during the period.
Anchor Land has earmarked P4.5 billion in capital expenditures for 2012, launching at least five new projects to sustain its growth trajectory.
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