8990 Hold­ings earns R1 B

Manila Bulletin - - Business News -

Mass hous­ing de­vel­oper 8990 Hold­ings, Inc. re­ported that its net in­come jumped 37 per­cent to R1.0 bil­lion in the first quar­ter of 2018 from to the R736 mil­lion re­ported in the same pe­riod last year.

In a dis­clo­sure to the Philip­pine Stock Ex­change, the firm said gross rev­enues grew 57 per­cent year-on-year to R2.5 bil­lion in the first quar­ter of 2018 driven by its strong­est first quar­ter res­i­den­tial rev­enues so far.

Topline growth was mainly driven by the in­creased con­tri­bu­tion of its var­i­ous projects na­tion­wide. Net in­come mar­gin of 40 per­cent is slightly higher than its full year tar­get of 37.5 per­cent.

Real es­tate sales in­creased 57 per­cent year on year to R2.5 bil­lion as 8990 de­liv­ered a to­tal of 1,786 homes. (JAL)


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