Mass housing developer 8990 Holdings Inc. increased its first-quarter net income by 23 percent to P1.9 billion from P1.55 billion in the same period a year ago on the back of double-digit growth in sales.
8990 Holdings said in a financial report filed with the Philippine Stock Exchange Tuesday first-quarter revenues rose 17 percent to P5.22 billion from P4.47 billion year-on-year.
The company attributed the strong first-quarter performance to higher sales in projects located in the National Capital Region, Bulacan and Davao.
Net income margin duringthe three months were also higher at 36.4 percent, compared with consolidated net income margin of 34.7 percent in the same period last year
Given the company’s strong first quarter performance, 8990 Holdings president and chief executive Anthony Vincent Sotto expressed confidence the company’s upcoming projects would meet the needs of its key mass housing client base.
