8990’s Q3 earnings climb 9%

MASS HOUSING developer 8990 Holdings, Inc. grew its third quarter profit by 9%, as the demand for housing units drove revenues higher for the period.

In a statement issued yesterday, the listed firm said its net income reached P1.2 billion in the July to September period following a 29% increase in revenues to P3.1 billion.

With the positive performance during the third quarter, 8990 said it is poised to reach its full-year revenue target of P10 billion.

“Momentum has shifted to create a turnaround in our third quarter revenues. 8990’s presence in Luzon, Visayas, and Mindanao allows us to easily capture the growing affordable housing demand across the country,” 8990 Chief Operating Officer Willibaldo J. Uy said in a statement.

The listed firm managed to deliver 4,431 units in the first three quarters of 2017, 59% of which are located in Luzon, 30% in the Visayas, and 11% in Mindanao.

“This quarter we saw how fast the market can absorb readily available units in developments such as Iloilo and Manila. Once we started completing units and securing permits, we saw number of units sold in Iloilo go up by 204% while recognized units sold in Manila nearly doubled from what it did in the first half of 2017,” said Mr. Uy, who is slated to replace incumbent 8990 President and Chief Executive Officer Januario Jesus Gregorio III B. Atencio when he retires by yearend.

Shares in 8990 shed three centavos or 0.55% to P5.39 apiece on Tuesday.