8990 Holdings Q3 profit rebounds

Mass housing developer 8990 Holdings Inc. has bounced back strong in the third quarter thanks to a build-up in demand.

In a regulatory filing, 8990 said grew its net income by 30.9% to P1.82 billion as revenues jumped 38% to P4.83 billion on strong real estate sales.

“After we felt the impact of four consecutive months of lockdown in the first half of this year, I am happy to report that we registered a very strong third quarter, our highest quarterly performance in the 17 year history of 8990”, said acting president and CEO Alexander Ace Sotto.

“Our performance for this period shows the resilience of the affordable housing sector and affirms the need to fill the ever-growing housing backlog in the Philippines”, he added.

The company delivered 3,083 units from its affordable housing projects across the country in the third quarter, nearly 6 months’ worth of homes sold from January to June. This brings the total number of houses delivered in the first nine months to 6,794 units.

Of the total number of units delivered, 53% came from Luzon, 27% was from Visayas and 20% from Mindanao.

In the nine-months to September, 8990 reported a 21.4% drop in net earnings to P3.31 billion as revenues declined by 7.3% to P4.65 billion.