Housing developer 8990 Holdings’ 9-month profit hits Php3.2 B

By Leslie D. Venzon

MANILA, Nov. 13 (PNA) — Listed mass housing developer 8990 Holdings Inc. posted a 12-percent increase in profit in the first three quarters of 2015 on the back of robust sales.

In a disclosure to the Philippine Stock Exchange, 8990 Holdings said net income reached Php3.2 billion in January to September from Php2.8 billion during the same period last year.

Its gross sales surged by 13 percent to Php7.1 billion from Php6.2 billion.

The developer said housing revenues plus contract to sell income reached Php7.8 billion in nine months, up by 15 percent from last year.

Of the 6,433 housing deliveries, Luzon projects in National Capital Region, Cavite and Pampanga contributed 48 percent, or 3,103 units.

Visayas delivered 26 percent or 1,704 units, while Mindanao shared 25 percent or 1,636 units.

Eighty-five percent of revenue, or 5,455 units, came from landed subdivision projects, while 15 percent, or 974 units, came from the medium-rise building (MRB) projects in Tipolo and Tisa, Cebu City, and Muntinlupa City. (PNA)