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Anchor Land income dips nearly 58% on lower real estate sales

Anchor Land Holdings, Inc. posted a 57.6% net attributable income drop to P349.65 million from P824.57 million due to the decline in real estate sales in 2020.

“Revenues were likewise impacted by government protocols to contain the pandemic, including restricting people’s movement that prevented construction projects from timely completion as well as limiting marketing and selling activities,” Charles Stewart Lee, chairman of Anchor Land, said in a regulatory filing on Friday.

Revenues went down by over 37% to P3.9 billion from P6.2 billion in the previous year.

Real estate sales, which make up over half of company revenues, declined by 55% to P2.13 billion from P4.73 billion after construction accomplishment and sales volume remained low due to limited selling activities amid the quarantine period.

Rental income for the year totaled to P1.02 billion, improving by 31%% from P782.99 million from rentals earned in The Centrium. Interest and other income also went up by nearly 10% to P719.61 million from P655.14 million.

Meanwhile, revenues generated from management fees inched down by almost 7% to P30.95 million from P33.15 million.

Mr. Lee said Anchor Land “is optimistic that the economic slowdown is temporary and that a quick recovery is underway.”

The company has five new projects in the pipeline — One Legacy Grandsuites, Cornell Parksuites, One Financial Center, Recto Logistics, and Rosan Logistics — all within and around Manila’s Chinatown: .

Anchor Land stocks at the exchange were last traded on Thursday, closing at P8.20 apiece. — Keren Concepcion G. Valmonte

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