8990 Holdings Q1 income up

8990 Holdings Inc., a listed mass housing developer, said net income in the first quarter rose 30 percent to P933.6 million as it launched more projects.

The company said in a stock exchange filing that sales rose by 22.3 percent to P1.92 billion in the first quarter of the year from P1.57 billion in the same period last year.

8990 President and CEO Januario Jesus Atencio attributed the revenue increase to the successful launching of the company’s new project – DECA Homes Indangan in Davao City, as well as the increased sales in ongoing DECA Homes projects in Angeles, Cebu, Gen. Trias and Iloilo cities.

Atencio noted that since 2011, when the company’s in-house financing program was launched, the company has been experiencing growth of at least 30 percent per year.

“From the first quarter performance, it’s looking like another banner year for 8990,” he said in the filing.