Monday, November 10, 2014

8990 Holdings' net income up by 34.8%

8990 Holdings, Inc., known for mass housing projects, delivered a report citing their net income at P2.8 billion. Incurred over the first nine months of the year, the figure represents a spike of 34.8 percent from the previous year's P2.1 billion.

Sales, likewise, enjoyed a 44.9 percent upsurge within the same time period, amounting to P6.33 billion. Last year's figure capped at P4.37 billion.

Sales of low-cost housing increased 42.06 percent, going from P3.88 billion to P5.5 billion. Sales of medium-rise buildings, going from P398 million to P652 million, jumped by 63.77 percent.

Operating expenses, meanwhile, rose to P1.02 billion from P663.4 million, marking a sharp ascent of 53.8 percent.

“With first three quarters’ gross earnings of P6.16 billion, we are clearly on track to keep our commitment to end this year with P7.6 to P8 billion in gross income with at least 60 percent gross margin, and a net income of P3 to P3.2 billion in net earnings with at least 40 percent net margin,” stated Januario Jesus Atencio, the company’s president and CEO.

The growth, according to Atencio, comes from the bullish economy, with the real estate climate characterized by rising shares. The company has also positioned itself to become a major player in the affordable housing market.

 

“Externally, we believe that our consistent GNP growth, OFW remittances and the growth in the BPO/call center/IT sectors have meant bigger disposable incomes for the middle and lower levels of our social pyramid that ultimately provides the basis for increased home sales amidst the 4 million backlog in affordable housing,” Atencio expressed.

With an acquisition of 85.3 hectares of land as of June of this year, the developer's landbank currently consists of 335 hectares overall.

Established in 1995, 8990 Holdings, Inc. specializes in low-cost mass housing developments, focusing on locations in the Visayas and Mindanao. It has reportedly sold more than 26,000 units since 2003. Best known for brands “DECA Homes” and “Urban DECA Homes,” 8990 Holdings has developments in Cavite, Davao, Cebu, and Iloilo, among others. Hotel operations and mid-rise condominiums round out the company’s portfolio.


Previous Next

Share
Email

Top Articles

Small spaces: Decor t...
Need a little more leg space in your living room? Use scaled-down sofas, arrang...
Home decor: Tips to c...
Even if you’re on a tight budget, it’s possible to completely transform a room ...
Buying Lots in Valenz...
Our partner is buying several properties in areas in Valenzuela, Quezon City, B...
Tips for designing th...
With imagination and clever design, you can encourage your family to spend more...
Buying Lots in QC, Va...
Our partner is buying several properties in Quezon City, as well as the cities ...
More property news...