Bouyed by strong 1Q, 8990 Holdings target P11.5B profits this year

8990 holding Urban Deca home owners’ internet hostage

Mass housing developer 8990 Holdings Inc. is eyeing a 14 percent growth in profits to P11.5 billion this year.

?The first quarter (earnings) has been probably the best first quarter we had in recent years. We are surprised that the sales take-up of our units from NCR (National Capital Region), the total project sales are doing very well,? 8990 Holdings President and Chief Executive Officer Willie Uy said in a press briefing Wednesday.

Although first-quarter earnings are usually slow following the celebration of the Christmas season, Uy said 8890’s net income in the first three months this year went up 37 percent to P1 billion in the first quarter of the year from P736 million the previous year.

?We are looking at least P11.5-billion target gross revenues for 2018. Hopefully, we can do it better. I am confident about the year,? Uy said.

The company?s gross revenues reached P2.5 billion in the January to March quarter, up by 57 percent from PHP1.6 billion last year.

8990 Holdings said real estate sales increased 57 percent to PHP2.5 billion in the first quarter, as the company delivered a total of 1,786 homes.

About 56 percent of units delivered were from the NCR, followed by Visayas, which generated 24 percent of the total, while Mindanao sold 14 percent.

?We continue to build affordable homes nationwide given the strong demand we have seen. We expect this to further improve as the country?s economy grows,? added Uy.

8990 Holdings is scheduled to launch a total of five projects nationwide this year worth P60 billion. (PNA)