8990 Holdings posts ₱10.5-B revenues

Housing developer 8990 Holdings Inc. reported a 22 percent growth in revenues for the first nine months of 2019 to ₱10.5 billion from the ₱8.6 billion earned in the same period last year.

The firm did not disclose its net income for the period under review, saying it will release its full financial report next week.

In a disclosure to the Philippine Stock Exchange, 8990 said the double-digit revenue growth was fueled in large part by sales of its condominium project in Manila which contributed ₱4.2 billion or 43 percent of total gross revenues.

Per region, 8990’s Luzon housing projects contributed 71 percent of revenues followed by Visayas with 21 percent. The Company’s projects in Mindanao brought in 8 percent of total revenues.

Unrealized revenues amounted to ₱3.6 billion ast of the end of September and 8990 expects to recognize ₱2.1 billion of these by the end of the year.

Revenues are expected to hit ₱20 Billion in 2020 as its Ortigas project will begin to contribute to revenues.

Sales Reservation for the first nine months of 2019 rose 27 percent to 9,215 units from 7,265 units in the same period last year.

The firm said it has a total landbank of 626 hectares - equivalent to a projected P154 billion eventual sales.

“This year is bittersweet for us. The passing of (8990 President) Willie J. Uy cast a shadow of unhappiness on the company that he loved so much,” said 8990 Acting President Alexander Ace Sotto.

He noted though that, “this has strengthened our resolve to continue the great work he did for the company. Our focus remains on further enhancing our core business and growing the company.”