EARNINGS: Anchor Land says strong sales lifted Q1 income

Strong sales lifted the net income of developer Anchor Land Holdings Inc. during the first quarter, the company told the Philippine Stock Exchange on Thursday. Earnings jumped 53 percent to P212 million from P139 million in the first quarter of 2010 as revenues improved 32 percent to P720 million from P546 million last year. The company said the higher revenues and net income is due to "strong sales and the continuing development of... projects such as SoleMare Parksuites, Wharton Parksuites and Anchor Parksuites." Anchor Land's two bestsellers — the 39-storey Wharton Parksuites and the 56-storey Anchor Skysuites — are both located in Binondo, Manila. The company is currently working on its Admiral Hotel property along Roxas Boulevard. Anchor Land has recently disclosed that its 2010 net income grew 52 percent to P566 million. — CMA/JMT/VS, GMA News