Mass housing developer 8990 Holdings Inc. said Thursday net income rose 6.5 percent in the third quarter on the back of double-digit growth in sales.
8990 Holdings said in a disclosure to the stock exchange net income in the third quarter reached P1.94 billion, up from P1.84 billion recorded in the same period last year as real estate sales increased 11 percent to P5.33 billion from P4.82 billion.
“Our outstanding results, both for the third quarter of 2021 and for the first nine months of the year, definitely show an increase in confidence for the future from our core market of first-time homebuyers and end users,” 8990 Holdings president and chief executive Anthony Vincent Sotto said.
The company said net income in the first nine months climbed 63 percent to P5.4 billion from P3.3 billion a year earlier. Real estate sales were up by 57.7 to P15.35 billion from P9.7 billion in 2020, led by higher sales in low-cost mass housing, medium-rise condominium units and high-rise condominium units.
