MANILA — Housing developer 8990 Holdings Inc. on Monday said its net income doubled to PHP2.4 billion in the first half of the year on the back of robust demand for affordable homes.
8990 Holdings President and Chief Executive Officer Willie Uy is confident of hitting revenue goal of PHP11.5 billion this year after housing revenues surged by whopping 98 percent in January to June.
The company’s second-quarter revenues reached PHP3.5 billion, hitting PHP6 billion in the first half from PHP3 billion during the same period last year.
“I have to admit, second quarter is normally a slow quarter for most developers. (But) there was a perk up in demand, this must have been one reason why there was unexpectedly surge (in revenues) in the second quarter,” Uy told reporters after the company’s stockholders’ meeting.
“I guess they looked at pricing also. We tried to maintain our prices as best as we can despite the increase of construction materials. I guess it bodes well for us,” he said.
Housing deliveries in the first half doubled to 4,159 units from 2,216 units from last year, he added.
Luzon accounted for 56 percent of total units sold, followed by Visayas with 30 percent while Mindanao sold 14 percent of the total.
The company targets to launch two more projects this year, which are the medium-rise building and horizontal development in Cebu.
It already introduced to the market three projects in the first half of the year.
8990 Holdings targets to generate PHP60 billion in sales from its five projects.
Reference Link: Philippine Canadian Inquirer