Housing developer 8990 Holdings Inc. reported a 21.17 percent decline in attributable consolidated net income to ₱5.43 billion last year from the ₱6.88 billion recorded in 2023 due to lower revenues generated.

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues decreased 16 percent to ₱19.04 billion in 2024 from consolidated sales of ₱22.66 billion posted in the previous year. 

Revenues from 8990’s low-cost mass housing business declined to ₱6.24 billion from ₱6.8 billion, although net income jumped to ₱4.84 billion from ₱2.97 billion due to lower finance costs and higher interest and other income.

For its medium-rise condominiums, 8990 reported that revenues improved to ₱2.02 billion from ₱1.51 billion as profits surged to ₱1.21 billion from ₱345.17 billion due to a jump in other income to ₱890.68 million from ₱12.14 million.

The firm reported that its high-rise condominium sales dropped to ₱10.47 billion last year from ₱13.05 billion in 2023 but profits rose to ₱6.98 billion from ₱3.05 billion also due to higher interest and other income as well as lower finance costs.

The Company’s consolidated cost of sales and services for 2024 was ₱10.93 billion, a decrease of 14 percent from the consolidated cost of sales and services of ₱12.74 billion in 2023. 

Consolidated gross income for the year ended dropped 18 percent to ₱8.11 billion last year from ₱9.93 billion, resulting in a dip in gross income margin to 42.6 percent compared to a gross income margin of 43.8 percent in 2023.

Meanwhile, consolidated operating expenses were two percent lower at ₱22.91 billion in 2024 from ₱2.95 billion in 2023.

8990’s consolidated other operating income declined to ₱2.15 billion from ₱3.08 billion. The Company’s consolidated finance costs reached ₱1.52 billion compared to ₱2.2 billion in 2023.