8990 HOLDINGS, Inc. booked a 17% increase in net income in the first quarter of 2019, driven by sales of its housing projects in the National Capital Region (NCR), Iloilo, and South Luzon.
In a disclosure to the stock exchange on Tuesday, the listed mass housing developer said that its net income grew to P1.177 billion during the January to March period, from P1.009 billion in the same period last year.
Revenues jumped 20% to P3.01 billion in the three-month period, as the company sold 2,204 housing units which was 23% up from year ago figures.
Sales from NCR projects accounted for 25% of the total, followed by Iloilo projects, which accounted for 12% and South Luzon projects with 11%.
The developer said it had P1 billion in unrealized sales for the quarter, which will be recognized in succeeding quarters.
“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,” Willibaldo J. Uy, president and chief executive officer of 8990, said in a statement.
This year, the company is eyeing to grow its revenue by about 15% to P13.5 billion from P11.75 billion it recorded in 2018. This will be generated mostly through Luzon projects like Urban Deca Homes Manila located in Tondo, Manila.
Urban Deca Homes Manila is a 13-tower residential development featuring 13,000 units with an estimated value of P20 billion.
The company’s other projects include: Deca Clark Resorts Residences in Pampanga; Urban Deca Homes Manila in Tondo, Manila; Urban Deca Homes Marilao in Bulacan; Urban Deca Homes Hampton and Urban Deca Homes Mahogany in Cavite; Deca Homes Pavia Resorts Residences 2 and Deca Homes Sta. Barbara in Iloilo; Deca Home Bacolod in Bacolod; Urban Deca Homes Tisa 2 and Urban Deca Homes H. Cortes in Cebu; and Deca Homes Mulig in Davao. These 11 projects will contribute 37,715 housing units once they are completed.
Shares in 8990 went up by 1.27% or 0.18 centavos to close at P14.4 each at the stock exchange on Tuesday. — Vincent Mariel P. Galang