By Leslie D. Venzon
MANILA, July 26 (PNA) — Listed mass housing developer 8990 Holdings Inc. is confident of surpassing its Php10-billion revenue target this year on the back of new projects and good first-semester financial performance.
“We hope so, maybe a little bit (higher than our target),” said 8990 Holdings president and chief executive officer Januario Jesus Atencio.
Atencio said the company has projects that it will launch and provide revenues this year which are not part of this year’s Php10-billion projection.
He did not identify these projects.
8990 Holdings already launched seven of the nine projects pipelined for this year located mostly in the Visayas and Mindanao. These would deliver 4,486 housing units with value of Php4 billion this year.
It will launch the remaining two projects located in Cebu and Davao City this third quarter.
Of the projected revenues this year, the company said 42 percent will come from Luzon, 32 percent from Visayas and 27 percent from Mindanao.
It also expects its net income to expand by 15 to 21 percent to a range of Php3.8 billion to Php4 billion.
Atencio said revenues and income are still driven by the continued economic growth, the increasing overseas workers’ remittances, growing business process outsourcing and information technology (IT) sector, and the country’s housing backlog which is at sizable figure of four or five million. (PNA)