LISTED 8990 Holdings Inc. reported on Wednesday its consolidated net income climbed by 13 percent to P4.67 billion last year from P4.14 billion in 2017.
In a disclosure, the mass-housing developer said consolidated revenues jumped by 15 percent to P11.74 billion in 2018 from P10.18 billion in 2017, buoyed mainly by real-estate sales, which hit P11.67 billion.
Its Luzon projects contributed 56 percent of the company’s total revenues; those in the Visayas, 32 percent; and those in Mindanao, 11 percent.
Its rental income generated P12.5 million, slightly up from P10.2 million year-on-year.
Gross income also increased by 14 percent to P6.46 billion last year from the P5.65 billion in 2017.
“It comes [as] no surprise that [the] momentum in our real-estate business has remained strong throughout the year,” 8990 said in the disclosure.
“Our company is built on solid ground and the excellent results in 2018 reflects the strong interest for our products even at a time when inflation has been moving up,” it added.
8990 increased its capital expenditures from P8 billion last year to P12 billion this year to sustain its real-estate business’ strong momentum and help its revenues grow to P13.5 billion.
It expects the amount to be “generated mostly from its projects in Luzon, particularly from its largest project to-date, Urban Deca Homes Manila in Tondo.”
8990 Holdings expects to generate P20 billion in sales from that project, which will offer a total of 13,000 units to homebuyers.
Other ongoing projects include Deca Clark Resorts Residences in Pampanga province; Urban Deca Homes Marilao in Bulacan province, Urban Deca Homes Hampton and Urban Deca Homes Mahogany in Cavite province; Deca Homes Pavia Resorts Residences 2 and Deca Homes in Sta. Barbara town, Iloilo province; Deca Bacolod in Bacolod City, Negros Occidental province, Urban Deca Homes Tisa 2 and Urban Deca Homes H. Cortes in Cebu province; and Deca Homes Mulig in Davao City.
Reference Link: http://ManilaTimes