Affordable housing developer 8990 Holdings targets full-year P5-B profit
Mass housing developer 8990 Holdings is seen on track to deliver at least P5 billion in net profit this year after posting an 18-percent net income growth in the first semester. Based on the company’s net margin target of 37.5 percent and the projected revenues of P13.5 billion, full-year net profit will reach P5.06 billion, up by 8.35 percent from the bottom line last year. In the first semester, 8990 Holdings posted P2.82 billion in net profit compared to P2.39 billion the previous year. The growth was driven by higher revenues unlocked from its flagship project, Urban Deca Homes (UDH) Manila, a 13-tower residential complex in Tondo, Manila.