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.

Revenues grew 33% to P3.498 billion during the July to September period. Broken down, real estate operations went up 29% to P3.4 billion, while earnings from hotel operations reached P98.063 million.

Under real estate, revenues from low-cost mass housing grew 28% to P1.731 billion, medium-rise condominiums units contributed P129.033 million. Revenues from high-rise condominium units soared to P1.539 billion from P27.806 million.

For the first nine months, 8990’s profit went up 23% to P4.208 billion, on the back of a 21% rise in revenues to P10.508 billion. Most of the revenues came from real estate sales, which jumped 18% to P10.204 billion. Urban Deca Homes Manila accounted for 43% of 8990’s top line.

“Our results this quarter and for the year demonstrate the strong demand for housing. But, more importantly, it underlines the importance of not only building houses but developing new communities like what we accomplished at Urban Deca Homes Manila,” 8990 Acting President and Chief Executive Officer Alexander Ace Sotto.

Urban Deca Homes Manila is 8990’s P20 billion affordable housing complex, which offers more than 13,000 units.

Urban Deca Homes Ortigas, which will offer 19,046 low-cost condominium units, was launched in July. Two months after its launch, the company’s sales reservations reached P1.5 billion.

Shares in 8990 ended flat at P14.84 each on Thursday.

Reference Link: Business World