Mass housing developer 8990 Holdings Inc. said it expects to achieve its net income target P4.8 billion and revenue goal of P12 billion this year, despite the delayed launching of three major residential projects in Davao City.
8990 Holdings president Januario Jesus Atencio said the company would be able to launch only 11 projects this year, from the original target 14.
“We can hit our targets. But if we do not make it, it will not be too far from out target numbers,” Atencio said.
Atencio said the delay in the launch of three projects was due to the failure of the company to secure permits on time.
“The permit is long over due, so I’m not expecting it out. When the Davao City approved the land use plan, it created a new committee that will look into various real estate projects. But it is only now that the local government unit also put people in the committee. So it is only now that our papers are being reviewed,” Atencio said.
The company was supposed to book P300 million from the delayed projects.
Atencio said despite the delay in Davao projects, the company would likely book P800 million in revenues from the early completion of 600 units of a condominium project in Mandaluyong City.
8990 Holdings reported a net income of P3.19 billion in January to September this year, up by 1 percent from P3.17 billion it booked in the same period last year.
Nine-month revenues also climbed 3 percent to P7.18 billion from P6.99 billion a year ago.
The company launched six projects in the first nine months and expected to launch another five in the fourth quarter.
“The outlook [for 2017[ as far as 8990 Holdings is concerned is very good. It will be a continuation of this year’s performance,” Atencio said.
8990 Holdings expanded its landbank to 548 hectares, with an expected yield of 109,818 units worth P129 billion.