Mass housing developments boost 8990 Holdings’ gains

8990 Holdings Inc. said profit in the first nine months of 2015 jumped as demand for its mass housing developments remained strong.

8990 Holdings said in a stock exchange filing that net income during the period hit P3.16 billion, up 11.8 percent.

The developer said gross revenues grew 13.1 percent to P7.06 billion. It also reported growth in sales of 6.2 percent to P5.85 billion and a 10-percent growth in housing production to 6,443 units.

8990 Holdings also noted the increasing revenue share of its Luzon projects. Of the total number of units delivered, about 48 percent or 3,103 units were in Luzon, particularly the National Capital Region, Cavite, and Pampanga. About 26 percent or 1,704 units were in the Visayas while 25 percent or 1,636 units were located in Mindanao.

“Our growth is sustained because majority of DECA Homes buyers are young, college-educated gainfully employed as office workers particularly Business Process Outsourcing (BPO) sector and Overseas Filipino Workers,” 8990 Holdings president and CEO Januario Jesus Atencio said in the filing.

For the third quarter alone, net earnings of 8990 Holdings rose 2 percent to P1.04 billion while gross revenues hit P2.55 billion.

Atencio said 8990 Holdings continues to beef up its land bank with the acquisition of 25.4 hectares in Leganes, Iloilo, and 60.2 hectares in Cabug, Bacolod. This brings the company’s total land bank to 503 hectares, with an equivalent inventory of 98,535 housing units. Miguel R. Camus