8990 income rises by 63% in January-September


Mass housing developer 8990 Holdings Inc. on Thursday said its income in January to September grew 63 percent to P5.4 billion from last year’s P3.3 billion, as sales continued to grow.

The company said its revenues rose 57 percent to P15.35 billion from last year’s P9.73 billion.

In the third quarter alone, however, 8990’s income rose by merely 10 percent to P5.33 billion, from last year’s P4.82 billion. Its income for the period, meanwhile, was up by just 6 percent to P1.94 billion from the previous P1.82 billion.

“We are confident that with our products geared specifically to our core housing market, 8990 will finish 2021 strongly and signal the economy’s recovery for 2022 and beyond,” company president and CEO Anthony Vincent Sotto said. Real estate sales for the third quarter rose 11 percent to P5.33 billion from P4.82 billion last year. This brings its sales for the nine-month period to P15.26 billion, up by 57 percent from last year’s P9.76 billion.

“The administration’s efforts toward vaccinating our countrymen against the ongoing pandemic and its dire economic effects over the past one and half years are starting to bear fruit. Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users,” Sotto said.

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