8990 Holdings H1 profit up 18%

By Leslie Gatpolintan

August 15, 2019, 6:16 pm

MANILA -- Mass housing developer 8990 Holdings Inc. is optimistic of exceeding its revenue target of PHP13.5 billion this year after its net income surged by 18 percent in the first half.

“I think we will even surpass that based on the sales tempo, it’s really doing well,” company President and Chief Executive Officer Willie Uy told reporters Thursday on the sidelines of a briefing on its first six-month earnings.

He noted their housing projects in the province have been showing “very good sales” even during July and August which are rainy months.

To meet strong demand, Uy bared the company aims to launch this second half of 2019 three housing projects located in Meycauayan, Bulacan; Talomo, Davao City; and Leganes, Iloilo.

These projects, which will offer about 10,300 housing units, have a total sales value of PHP14.5 billion.

8990 Holdings reported that its profit reached PHP2.82 billion in January to June from PHP2.39 billion during the same period last year.

Its revenues also increased by 17 percent to PHP7.01 billion from PHP6.0 billion.

“Rising demand for affordable housing in the country has allowed us to sustain our revenue growth in the first half of 2019,” Uy added.

Total housing units delivered increased 19 percent year-on-year to 4,934 units. On a regional basis, 67 percent came from Luzon, 23 percent from Visayas, and 10 percent from Mindanao. (PNA)