MANILA, May 15 (PNA) — Listed mass housing developer 8990 Holdings Inc. is optimistic about achieving its projected PhP10-billion revenue this year, banking on the country’s expanding economy.
Its total revenues from housing operations went up seven percent to PhP2.26 billion in January to March from PhP2.11 billion in the same period last year on higher sales reservations and revenues from real estate operations.
“We did well in the first quarter given our goal to launch nine new projects this year, and we are on track to meet the PhP10-billion projected revenue by year-end,” said 8990 Holdings president and chief executive officer Januario Jesus Atencio.
The company is set to launch nine housing subdivisions and medium-rise building projects comprising of 4,486 housing units this year with a value of PhP4 billion.
Including the 10 ongoing projects, the 19 projects of 8990 would provide a total of 11,083 housing units with total value of PhP10 billion this year.
Of the projected revenues this year, 8990 said 42 percent would come from Luzon, followed by the Visayas with 32 percent, and Mindanao with 27 percent.
“The company remains bullish about the industry on the back of the country’s expanding economy, higher remittances from Filipinos working and living abroad, the growing business process outsourcing (BPO) and information technology (IT) sectors, amidst the four million housing backlog in the Philippines,” Atencio said.
8990 Holdings also booked slightly higher profit of PhP937 million in the first quarter of 2015 compared to PhP933 million in the same period last year.
The company also sees its net income growing between 15 percent and 21 percent to a range of PhP3.8 billion to PhP4 billion from PhP3.3 billion last year. (PNA)