Anchor Land Holdings, Inc.’s earnings surged 61% to P205.72 million in the first quarter due to double-digit growth in its rental business.
In a regulatory filing, the upscale property developer said revenue from its rental operations jumped 80% to P304.96 million because of higher rental income from its Baylife Venue and The Centrium projects in Parañaque City.
It also saw recurring rental income from projects such as One Soler, One Logistics Center, One Shopping Center, Two Shopping Center, and commercial facilities in condominium buildings.
However, the growth in the rental segment was offset by a 54% drop in real estate sales, which stood at P578.88 million at the end of the period. The coronavirus disease 2019 (COVID-19) pandemic lockdowns stopped construction work on its ongoing projects, delaying new launches.
Consolidated revenues for the three months posted a 37% year-on-year decline to P1.03 billion.
But the topline drop was tempered by the 49% decrease in costs and expenses, which stood at P729.52 million at the end of the period. This resulted in a higher bottomline for the quarter.
In a statement, Anchor Land President Digna Elizabeth Ventura said the company continues to be bullish for the rest of the year despite the COVID-19 pandemic.
“We are committed to our property development strategies and strengthening our stronghold in Manila Chinatown and in the Bay City,” she was quoted as saying.
“Despite the disruption to economic activities caused by the COVID-19 pandemic, we remain prudent in our risk management and business continuity strategies,” Ms. Ventura added.
Anchor Land Vice-Chairman and CEO Steve Li also said the company’s strategy remains “geared towards sustaining our growth momentum by building our leasable portfolio.”
Shares in Anchor Land at the stock exchange gained 20 centavos or 2.30% to close at P8.89 each on Friday. — Denise A. Valdez