Developers 8990, PhilRealty post profits in Q1
MANILA, Philippines - Mass housing developer 8990 Holdings reported strong profit growth in the first quarter of the year.
8990 Holdings, a mass housing developer, reported a 30 percent surge in net income to P933.6 million in the first three months of 2014.
Januario Jesus Atencio, 8990 president and CEO, attributed the growth in profit to the launch of DECA Homes Indangan in Davao City and higher sales from other on-going projects in Angeles, Cebu, General Trias and Iloilo cities.
The company posted a 22 percent jump in sales to P1.92 billion in the first quarter of the year, from P1.57 billion a year ago.
"From the first quarter performance, it's looking like another banner year for 8990. This growth trend has become attainable for us due to our fast pre-cast construction technology, our accessible CTS program, strengthened by our pro-active comprehensive credit and collection platform," Atencio said.
Meanwhile, Philippine Realty & Holdings Corporation (PhilRealty), the developer of Tektite Towers in Ortigas, said it posted P11 million net income in the first quarter, a turnaround from the P14.2 million loss a year ago.
PhilRealty posted lower revenues of P51.8 million in the January to March period, from P98.4 million revenues a year ago.
The company had posted an operating loss of P31 million in the first quarter, due to the declining inventory of condo units for sale in its Skyline and Icon Plaza projects and higher expenses for the construction of Sky Villas. However, the loss was offset by a gain on its available-for-sale investment of P42 million.
Earlier this year, the Quezon City Regional Trial Court (RTC) officially granted PhilRealty’s petition to exit from receivership, 12 years after the company submitted itself under corporate rehabilitation.