8990 Holdings nets P1.18B in Q1

MANILA, Philippines – Leading mass housing developer 8990 Holdings grew its net profit in the first quarter by 17 percent year-on-year to P1.18 billion as its residential condominium projects in Metro Manila started to contribute a big bulk of the revenues.

Revenues grew by 20 percent year-on-year in the first three months to P3.01 billion as the company delivered a total of 2,204 housing units, 23 percent higher than the units delivered in the previous period last year.

Net profit margin was at 39 percent, well above the company’s guidance of 37.5 percent.

Projects in Metro Manila contributed 25 percent of the total revenues, followed by Iloilo with a share of 12 percent while 11 percent came from South Luzon.

“Our focus has always been on strengthening our business and growing the company. As a result, we have shown that we can constantly show solid growth. This year will be a very exciting year for us as we continue to strengthen our core business and roll out new projects that would secure our place as the country’s top affordable home developer,” 8990 president and chief executive officer Willie Uy said in a disclosure to the Philippine Stock Exchange on Tuesday.