Property developer 8990 Holdings Inc. said Thursday it benefited from the continued easing of restrictions and the reopening of the economy as it registered a 30-percent increase in revenues and 34-percent growth in net income in the third quarter.
Unaudited total revenues jumped 30.68 percent to P6.98 billion from P 5.34 billion in the same quarter last year. Net income also rose 34 percent to P 2.645 billion from P1.972 billion. Earnings per share improved 48.9 percent to P1.34 from P0.90.
Total revenues in the first nine months grew 10.93 percent to P17.03 billion from P15.35 billion, while net income jumped 15.93 percent to P6.294 billion from P5.43 billion.
“Our margins reflect our healthy financial position with gross margin at 53 percent by the end of September and net margin at 37 percent. These again were an improvement from the 50-percent gross margin and 35-percent net margin for the first nine months of 2021,” 8990 president and chief executive Anthony Vincent Sotto said.