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

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

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.

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