8990 nets P3.2B on mass housing in Q3

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Mass housing developer 8990 Holdings Inc. posted a 12-percent increase in net income for the first nine months of 2015 to P3.2 billion, from P2.8 billion last year.

In a disclosure to the Philippine Stock Exchange, 8990 Holdings attributed the growth in net income to the increase of gross sales, which increased by 13 percent to P7 billion, from P6.2 billion a year ago.

Total revenues from housing operations increased by 15 percent to P7.8 billion, from P6.8 billion in the same nine-month period last year.

Housing sales made up 98 percent of the gross revenues, while contract-to-sell financing contributed 11 percent.


Income from CTC financing went up 35 percent to P882 million, from P655 million a year ago

The company it delivered 6,433 housing units from its DECA brand in the first nine months of 2015.  Of this figure, 48 percent or 3,103 units are in Luzon; 1,704 units or 26 percent in Visayas; and 1,636 units or 25 percent in Mindanao.

8990 said 35 percent of the deliveries were made in South Luzon.

For the third quarter of 2015, 8990 said unrealized sales stood at 890 units, equivalent to a take-out value of P906 billion.

“These sales are expected to be realized in the fourth quarter with the proper turn-over of completed units to buyers,” said 8990.

Of these units, 102 are located in Davao; 196 in Cebu; 312 in Iloilo; 126 in North Luzon; and 154 in South Luzon.

The mass housing developer also said the nine new projects that it committed in 2015 were all launched in the third quarter, which brought inventory up to 7,827 units, of which 5,236 are set to be delivered this year.

“A total of 1,602 housing units from the seven out of the nine projects were already delivered as of the first nine months of 2015, contributing P1.8 billion in gross revenue,” said 8990.

The company added that it has expanded its land bank in the third quarter of the year to 503 hectares, as it purchased new properties in Leganes, Iloilo and Cabug, Bacolod, covering 25.4 hectares and 60.2 hectares, respectively.

8990 said the land bank of 503 hectares is expected to yield over 98,000 housing units worth P108 billion.

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