8990 Holdings earns nearly P2B in H1

MANILA, Philippines - Mass housing developer 8990 Holdings Inc. earned close to P2 billion in the first half as more project launches and high demand from end-users improved the company’s sales.

The latest data kept 8990 Holdings on track to sell more than 7,500 units valued at P8 billion this year, its top executive said yesterday.

“In the first half, we achieved half of the performance level target (for 2014) by delivering 3,715 houses to our customers valued at P4.1 billion,” 8990 Holdings president and CEO Jesus Atencio said in a briefing.

“We were intending to achieve a performance level of building, selling and delivering 7,500 housing units equivalent to P8 billion,” he said.

Atencio said net profit margin was steady at 40 percent in the first semester. It allowed the company to book close P2 billion in earnings in the six-month period compared with P1 billion net profit a year ago.

“We can now say that it’s easier for us to achieve performance level target for the rest of the year because we have gained this kind of momentum,” he said.

The locally-listed property developer targets to sell nearly P70 billion worth of low-cost housing units nationwide in the next five years. The property firm has a pipeline of 18 projects totaling 64,405 housing units in 250 hectares of landbank.

8990 Holdings is one of the country’s top mass housing developers, having sold more than 26,000 units from completed and ongoing projects. It operates through the Deca Homes brand for horizontal projects and Urban Homes brand for vertical projects.