Anchor Land nets higher earnings on strong sales

Listed property company Anchor Land Holdings Inc. reported on Wednesday that its earnings improved by nearly half in the year's first six months. In a disclosure to Philippine Stock Exchange (PSE), Anchor Land said its earnings jumped 40 percent from P250 million to P350 million. Assets also improved 33 percent to P9.3 billion. Stephen Lee, Anchor Land chairman, said the higher earnings were boosted by "strong real estate sales and other revenues totaling P1.22 billion as the company continues to enjoy the brisk sales from its ongoing projects particularly in Manila's Chinatown where it has two current developments." "This augurs well for our future expansion plans and should ensure that we remain competitive and committed towards completing and delivering our projects on time," Lee said. For the second quarter, Anchor Land's net income climbed 23 percent to P137.7 million. Anchor Land has earlier reported it acquired about two hectares of property at the Aseana Business Park which the company plans to develop as the third phase of its SoleMare project. -- CMA/OMG, GMA News