LISTED 8990 Holdings Inc. reported on Thursday that its consolidated net income jumped by 18 percent to P2.82 billion in the first six months from P2.39 billion year-on-year on the back of higher revenues.

In a disclosure, the property developer said these revenues rose by 17 percent to P7.01 billion from P6 billion in the January-to-June period in 2018.

“Rising demand for affordable housing in the country has allowed us to sustain our revenue growth in the first half of 2019,” 8990 President Willie Uy said in the disclosure, expressing confidence that the firm would meet its P13.5-billion revenue target for this year.

Broken down, 42 percent of revenues came from the sale of high-rise buildings; 23 percent, medium-rise buildings; and 35 percent, horizontal projects.

On a regional basis, Luzon accounted for 63 percent of revenues; the Visayas, 23 percent; and Mindanao, 10 percent.

Sales reservations grew by 28 percent to 5,785 units in the first six months from 4,535 a year earlier.

Unrealized sales, meanwhile, reached P1.32 billion as of end-June.

The company also attributed the revenue boost to its flagship project Urban Deca Homes Manila, a P20-billion 13-tower residential complex catering to residents of Manila’s Tondo, Port Area, Intramuros and Divisoria, and
Camanava (Caloocan, Malabon, Navotas and Valenzuela cities). Five buildings have been sold out since the project’s launch.

In July, 8990 launched Urban Deca Homes Ortigas, which will accommodate 19,046 condominium units.

8990 currently has a land bank of 712 hectares, which Uy said would “ensure the growth of our company in the next eight to 10 years and would potentially bring in P154 billion.”

8990 shares shed 16 centavos or 1.03 percent to finish at P15.44 apiece on Thursday.


Reference Link: The Manila Times