LISTED property developer 8990 Holdings, Inc. reported a 9.9% decrease in net income to P1.72 billion in the second quarter from the P1.91 billion posted a year earlier after a decline in revenues.

For the April-June period, the company registered a 13.4% decrease in revenues to P4.8 billion from the P5.54 billion recorded in the same period last year, its filing with the stock exchange showed.

In the first half, 8990 posted a 5.5% increase in net income to P3.65 billion from P3.46 billion previously after a slight increase in revenues to P10.05 billion from P10.01 billion a year ago.

“Despite inflationary fears and the rest of the uncertainty from the outcome of the elections to the war in Ukraine, 8990 was able to sustain revenue levels,” 8990 President and Chief Executive Officer Anthony Vincent Sotto said in a press release on Thursday.

As of end-June, 8990 delivered 5,364 units, with the National Capital Region (NCR) contributing the biggest share at 37%, followed by Iloilo at 17%, Davao at 16%, north Luzon at 15%, Cebu at 9%, General Santos at 4%, and south Luzon at 2%.

8990’s vertical projects contributed the majority of revenues at 60% while horizontal projects accounted for 40%, the company said.

NCR accounted for the bulk of revenues at 54%, followed by north Luzon and Davao at 14% each, Cebu at 9%, Iloilo and Bacolod at 7% each, and south Luzon and General Santos at 1% each.

Towards the end of June, 8990 inaugurated an amenities area of Urban Deca Homes Ortigas in Pasig City — the company’s largest project to date at 13.2 hectares.

Mr. Sotto said that he remains confident that 8990 will achieve its target of P23-billion revenues for 2022, banking on the company’s inventory of 3,292 units with a sales value of P3.6 billion across all projects nationwide.

“In the next seven to 10 years, we expect to unlock a total of P171 billion in revenues,” Mr. Sotto said.

On the stock market on Thursday, shares in 8990 closed lower by 46 centavos or 4.67% to P9.38 apiece. — Justine Irish D. Tabile