Mass housing developer 8990 Holdings Inc. on Monday said its income in January to September fell 21 percent to P3.3 billion from last year’s P4.2 billion, but it recorded its highest quarterly revenue in the third quarter.
Revenues for the nine-month period fell 7 percent to P9.73 billion from last year’s P10.5 billion. Half of those revenues, or P4.82 billion, came in during the third quarter, 38 percent higher than the previous year’s P3.49 billion.
For the July to September quarter, its income rose 32 percent to P1.82 billion from last year’s P1.38 billion.
The lockdowns and the Bayanihan Act affected collections during the second quarter but a rebound in collection is expected by the end of the year, the company said.
“After we felt the impact of 4 consecutive months of lockdown in the first half of this year, I am happy to report that we registered a very strong third quarter, our highest quarterly performance in the 17 year history of 8990,” Alexander Ace Sotto, the company’s acting president and CEO said.
“Our performance for this period shows the resilience of the affordable housing sector and affirms the need to fill the evergrowing housing backlog in the Philippines.”
Total housing units delivered by the company during the period were at 3,083 from its affordable housing projects across the country. Its strong housing delivery in the third quarter almost matched six months’ worth of homes sold from January to June.
This brings the total number of houses delivered in the first nine months to 6,794 units. Of the total number of units delivered, 53 percent was from Luzon, 27 percent was from Visayas and 20 percent from Mindanao.
In terms of project type, horizontal projects brought in 53 percent while vertical projects contributed 47 percent of the total housing units delivered.
8990’s landbank now stands at 698 hectares. In terms of location, Visayas has the largest at 407.54 hectares or 58 percent of the total landbank. Luzon and Mindanao account for 42 percent, at 149 hectares and 142 hectares, respectively.
“This global pandemic has added pressure to businesses in all industries including ours. Since March of this year, we have been working on adjusting to this new reality by closely monitoring and managing our liquidity, strengthening our organization, and finding better ways to reach out to our existing and potential buyers,” Sotto said.