8990 Holdings income up 38%

Manila - Mass housing developer, 8990 Holdings Inc., announced on Thursday that it incurred a record high net income of P3.4 billion in the first three quarters of 2018, up 38 percent from last year, driven by strong buyer demand amid the recent surge in inflation.

“We are not feeling it (impact of inflation) because we are short on housing. The country could produce (only) 200,000 units a year,” 8990 Holdings President and Chief Executive Office Willie Uy said in an interview on Thursday.

The company cited data estimating the unserved affordable housing demand at 5.9 million, and growing every year. Uy said the firm also managed to keep their prices lower.

8990 Holdings also reported more than 41-percent increase in total revenues to P8.6 billion in January to September. It disbursed this year about P6 billion for its residential developments and for acquisition of raw land. The company currently holds 540 hectares in its ‘landbank’, which is currently estimated to generate some P154 billion in sales in the next decade.

“We have been fortunate to have experienced a great year confirms that we will meet or exceed our full-year targets. With our line-up of nationwide developments and increasing construction, we see revenue doubling to P20 billion in 2020 from 2017 revenues,” Uy added. /