8990 Holdings profit rises 4% to P2.4 billion

LISTED property developer 8990 Holdings, Inc. said its attributable net income for the third quarter rose 4% on the back of higher revenues. 

In a stock exchange disclosure on Monday, 8990 Holdings said its net income attributable to the equity holders during the July-to-September period increased to P2.42 billion from P2.32 billion last year. 

The company’s consolidated revenues improved 1.12% to P7.06 billion from P6.98 billion, led by a 0.59% jump in its real estate operations revenue to P6.97 billion.

Revenue from hotel operations also went up 34% to P64.31 million from P47.99 million.

For the three quarters to September, 8990 Holdings said its attributable net income declined 1.53% to P6.20 billion from P6.29 billion due to higher operating expenses. 

The company’s consolidated revenues improved 0.54% to P17.12 billion from P17.03 billion a year ago, as revenue from hotel operations grew 83.4% to P184.88 million.

Revenue from real estate operations fell 0.02% to P16.882 billion from P16.885 billion last year.   

“The increase [in revenues] was mainly attributable to the increased sales in National Capital Region, Bulacan and Davao,” 8990 Holdings said.

“8990 Holdings’ sales primarily comprise revenues received from its sales of low-cost mass housing units and subdivision lots, medium-rise and high-rise building housing units, as well as revenues derived from its rental and hotel operations,” it added. 

The company’s consolidated operating expenses rose 4.32% to P2.43 billion from P2.33 billion a year ago.

Through its various subsidiaries, 8990 Holdings is a property developer that has business interests in low-cost mass housing, medium-rise condominiums, and high-rise buildings.

The company’s subsidiaries include 8990 Housing Development Corp., 8990 Luzon Housing Development Corp., 8990 Mindanao Housing Development Corp., 8990 Davao Housing Development Corp., 8990 Leisure and Resorts Corp., and Fog Horn, Inc.

Shares of 8990 Holdings at the local bourse dropped five centavos or 0.55% to P8.99 apiece on Monday. — Revin Mikhael D. Ochave