8990 income drops 29% to P736 M

Mass housing developer 8990 Holdings Inc. reported a 29-percent decline in its net income to P736 million in the first three months of the year due to delays in securing project permits.

Gross revenues dropped 26 percent to P1.6 billion.

8990 president and chief executive officer Januario Jesus Atencio attributed the drop in profit to the delays it encountered in securing permits for its projects and its shift to more vertical developments.

The company has so far launched three projects. Among these projects are Deca Homes Marilao, Deca Homes Mulig and Deca Homes Pavia. It is set to launch eight more projects within the year.

For this year, the company is looking to deliver a total of 3,994 units valued at P3.7 billion.

In the second quarter alone, the developer aims to launch six projects with a total of 1,859 units.

The firm is eyeing P1.6 billion in revenues in the second quarter, which will bring its first half gross revenues to P3.2 billion.

Reservation sales went up six percent in the first quarter to 1,978 units.