By James A. Loyola
Mass housing developer 8990 Holdings, Inc. reported that its net income jumped 37 percent to P1.0 billion in the first quarter of 2018 from to the P736 million reported in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said gross revenues grew 57 percent year-on-year to P2.5 billion in the first quarter of 2018 driven by its strongest first quarter residential revenues so far.
Topline growth was mainly driven by the increased contribution of its various projects nationwide. Net income margin of 40 percent is slightly higher than its full year target of 37.5 percent.
Real estate sales increased 57 percent year on year to P2.5 billion as 8990 delivered a total of 1,786 homes.