Anchor Land Holdings Inc. grew profit in the first quarter of the year by 66.42 percent to P207.39 million, from P124.62 million a year ago, while revenues dropped 36.64 percent to P1.02 billion, from P1.61 billion last year.
Anchor Land attributed the rise in profit to its growing rental operations which posted an 80 percent increase to P304.96 million, compared to P169.76 million last year, noting a “significant increase in rental income from The Centrium and Baylife Venue.”
Real estate sales however fell by 54 percent due to the reduction in inventory as the company sold most of its real estate projects. Anchor Land said it is set to launch three new projects in the second half of 2020.
“We have remained true to our commitment to increasing our shareholder value by strengthening our rental operations. As we have announced last year, part of our strategy is geared towards sustaining our growth momentum by building our leasable portfolio,” said Steve Li, Anchor Land chief executive officer.
“We are committed to our property development strategies and strengthening our stronghold in Manila Chinatown and in the Bay City.
