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May 17, 2015

8990 Holdings posts P937-M net income in Q1


Published on May 16, 2015 - 12:00 am | The Philippine Star
By Richmond Mercurio



MANILA, Philippines
— Mass housing developer 8990 Holdings Inc. said its profits in the first three months of the year reached P937 million, nearly equals  last year’s P933 million, taking into account a one-time payment of taxes from the sale of hotel buildings in Boracay and Baguio City.

Without the one-time tax payment, 8990 Holdings said its net income would have increased three percent to P1 billion.

“We did well in the first quarter given our goal to launch nine new projects this year, and we are on track to meet the P10-billion projected revenue by yearend,” 8990 Holdings president and chief executive officer Januario Jesus Atencio said.

In addition, the listed company is expecting its net income to  grow between 15 percent and 21 percent to a range of P3.8 billion to P4 billion this year from P3.3 billion last year.

Atencio said 8990 “remains bullish about the industry on the back of the country’s expanding economy, higher remittances from Filipinos working and living abroad, the growing business process outsourcing (BPO) and information technology (IT) sectors, amidst the four million housing backlog in the Philippines.”

The property company said it booked a three percent increase in gross sales to P2 billion in the first quarter of the year from P1.94 billion in the same period last year.

Total revenues from housing operations went up seven percent to P2.26 billion in the first three months of 2015 from P2.11 billion in the same period last year due to the 18-percent increase in sales reservations as well as the four percent growth in revenues from real estate operations.

The company is set to launch nine housing subdivisions and medium-rise building projects comprising of 4,486 housing units this year with a value of P4 billion.



source: Philippine Star | Business

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