8990 Holdings to Launch 7 Projects; Profit Hits Php2.18B in H1

Leading mass housing developer 8990 Holdings Inc. will launch this third quarter seven more projects worth Php1.25 billion after its profit surged amid rising housing demand on the back of the country’s booming economy.

Its net income rose 3 percent to Php2.18 billion from January to June this year as gross sales grew six percent to Php4.73 billion against Php4.45 billion.

For the second quarter alone, the company posted a 12-percent increase in profit to Php1.15 billion.

During the first semester, 8990 delivered 4,289 units worth Php4.73 billion, exceeding the target of 3,899 units worth Php3.58 billion by 32 percent.

Januario Jesus Atencio, president and chief executive officer of 8990, is optimistic about achieving a 20-percent increase in profit to Php4.8 billion this year.

“I am launching 14 new projects (this year). You will experience 50 percent (increase) of gross sales coming into the last quarter when all the projects have been launched,” he told reporters on the sidelines of the company’s stockholders’ meeting on Monday.

Atencio said the company would introduce to the market this quarter seven projects located in Bulacan, Cavite, Iloilo, Cebu and Bacolod. These projects will produce 40,528 housing units.

It targets to also launch this year three projects in Davao.

“We are still on track… In fact, we are now producing more (projects),” he added. (PNA) RMA/LDV