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8990 Holdings Discloses Slim 9M2016 Net Income Climb

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MANILA, Philippines – 8990 Holdings Inc. (PSE:HOUSE) disclosed its financial results for the first nine months of the year with a net income at P3.19 billion, slightly higher than last years’ record of P3.17 billion. The operating revenue of the company rose from P6.997 billion to P7.186 billion, a 2.7 percent difference. Other revenues also climbed by 17.45 percent from P953.72 million to P1.12 billion.

The quarterly performance of the company is relatively flat at P1.01 billion from P1.04 billion from the same period last year. Revenues during the quarter slightly declined from P2.55 billion last year to P2.45 billion this year.

As of September 30, 2016, the company’s assets stood at P44.92 billion, which is higher than last year’s record of P36.08 billion. Liabilities also climbed from P18.73 billion to P25.77 billion. Equity rose to P19.15 billion from P17.34 billion last year. Retained earnings of the company improved from P7.43 billion to P9.24 billion, a 24 percent positive change.

Last year, the company received an award as the Best Developer in Low-Cost Housing by the Gawad Sulo ng Bayan (Light of the Nation) Construction and Real Estate Awards 2015. The prestigious seal award shows that the company succeeded in providing the Filipino household a quality shelter at a lower value. During the same year, the management also prides nine new projects in Davao, Cebu, Iloilo, Cavite, and Muntinlupa, which total up to 7,827 houses.

HOUSE also made it possible for families to pay for their housing units conveniently. Last year, the company had a collection agreement with non-bank remittance provider I-Remit, Inc. Through this deal, payment collection will be easier for DECA homeowners alongside immigrants, overseas Filipino workers, and other nationalities, who are already benefiting from I-Remit services.

One of the company’s serviced residences is Azalea Boracay, which is the first 4-star apartment in the island. HOUSE is eyeing same success they had achieved with Baguio City-based Azalea. The development kickoff is also anticipated to happen in Angeles City, Cebu City, and Davao City.

Since then, HOUSE’s primary purpose is to provide its stakeholders decent shelter with approved quality, service, and affordable price. The company concentrates on serving more people by addressing their needs rather than simply expanding its housing network.

HOUSE closed at P7.00 apiece last November 18, 2016, down by 1.41 percent year to date.

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