8990 Holdings earnings up 6.6% in third quarter

LISTED mass housing developer 8990 Holdings, Inc.’s net income reached P1.94 billion in the third quarter, higher by 6.6% year on year, on the back of higher real estate sales.

Based on its unaudited financial statements released on Thursday, 8990 Holdings said real estate sales in the three months ending September hit P5.34 billion, higher by 11% versus its level in the same period last year.

In the three months ending September, sales from the firm’s real estate business accounted for over 99% of the company’s revenues.

However, the company’s costs and expenses increased by 5% to P2.57 billion in the third quarter compared to P2.45 billion previously.

For the first nine months of the year, 8990 Holdings registered a net income of P5.40 billion, up by 63% compared to the P3.31 billion recorded in the year before.

“Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users,” 8990 Holdings President and Chief Executive Officer Anthony Vincent S. Sotto said in a separate press release.

“We are confident that with our products geared specifically to our core housing market, 8990 will finish 2021 strongly and signal the economy’s recovery for 2022 and beyond,” he added.

The firm noted that the country’s real estate sector is beginning to recover from the effects of the global health emergency amid the government’s continued rollout of its vaccination program against the coronavirus disease.

In addition to horizontal mass housing projects, 8990 Holdings also develops medium-rise condominiums and high-rise building projects.

Shares of 8990 Holdings inched down by 0.37% or four centavos to finish at P10.74 apiece on Thursday. — A.Y. Yang