MANILA, Philippines — Mass housing developer 8990 Holdings Inc. had sold P5 billion worth of contract-to-sell (CTS) receivables to a local financial holding firm. In a disclosure to the Philippine Stock Exchange, 8990 said the receivables were sold to Dearborne Resources and Holdings Inc. The transaction was funded by China Banking Corp.
MASS HOUSING developer 8990 Holdings, Inc. reported 36% increase in its net income in the third quarter, driven by rising sales from its affordable housing development. In a regulatory filing, the listed property developer said it booked a net income of P1.389 billion in the three-month period ending September from P1.018 billion a year ago.
8990 Holdings Inc. has achieved many milestones for the past 16 years. However, none of these successes would have been possible without the leadership of the late Willibado “Willie” Uy who was president and chief executive officer (CEO) of 8990 from January 2018 to October 2019.
8990 Holdings Inc. is close to hitting its full-year revenue target after registering double-digit growth in its topline figures in the first nine months of 2019. In a disclosure on Thursday, the listed property developer said its revenues grew by 22 percent to P10.5 billion in the January-to-September period from P8.6 billion a year ago.