Housing developer 8990 Holdings Inc. said it expects net income to grow 21 percent this year to P4 billion from P3.3 billion in 2014, as the company launches more projects.
8990 Holdings president Jesus Januario Atencio said in a news briefing revenues were also expected to grow 27 percent to P10 billion from P7.9 billon.
“We are hoping 2015 will be a banner year,” Atencio said.
Atencio said the company will launch 11,083 housing units for this year, with unit prices ranging from P450,000 to P1.25 million.
The company said the housing units to be launched this year would include 6,598 units at 10 ongoing projects with total sales value of P4.1 billion and 4,486 units at new nine housing developments with sales value of P4.1 billion.
It said at least 44 percent of the housing projects would come from Luzon, 31 percent from the Visayas and 25 percent from Mindanao.
8990 Holdings posted an unaudited net income of P3.3 billion in 2014, up 52 percent from the 2013 level. It also surpassed the company’s P3-billion net income guidance for the year.
Revenues jumped 48 percent to P7.9 billion in 2014 from P5.35 billion in 2013.
“Overall, the industry is still looking very good. The profitable of house tied to GDP growth,” Atencio said.
He said the company continued to look for land acquisition for future expansion.
Atencio said the company was close to signing 50 hectares of land in Davao, 30 hectares in Cebu and 20 hectares in Bacolod. It is currently looking at potential sites in Bulacan, Pampanga, and Zamboanga City.
These acquisitions will boost 8990 Holdings’ land bank to 385 hectares.