8990 profit rises 38% to P3.4 B in 9 months

8990 Holdings Inc. grew its nine month income by 38 percent to P3.4 billion, buoyed by strong demand for its housing projects.

Total revenues increased by more than 41 percent to P8.6 billion while operating profits jumped by 45 percent to P4.7 billion.

8990 president and chief executive officer Willie Uy said the double-digit income growth was the result of strong buyer demand, an indication of efficient management in times of uncertainty and high inflation.

The company posted P588 million in unrealized sales.

“This will be a banner year for the company,” Uy said.

The company began ramping up receivables liquidation activities last year.

“Our main goal was to make 8990 less dependent on debt and have enough left to ensure the future growth of the company through land acquisitions,” Uy said.

Moving forward, Uy said the company continues to strengthen its land portfolio for future projects.

At present, 8990 has 540 hectares in its landbank, estimated to generate some P154 billion in sales in the next decade.