8990 Holdings’ Q3 income down 32% on revenue decline

LISTED 8990 Holdings, Inc. recorded a 32% decline in its third-quarter (Q3) attributable net income to P1.65 billion from P2.42 billion a year ago due to lower revenue.

Revenue fell by 21.5% to P5.54 billion from P7.06 billion in 2023, 8990 Holdings said in a stock exchange disclosure on Thursday.

Cost of sales and services declined by 19.3% to P2.58 billion from P3.19 billion in 2023.

For the first nine months, 8990 Holdings saw a 24% decline in its attributable net income to P4.71 billion from P6.2 billion in 2023.

The company’s revenue dropped by 8.4% to P15.68 billion from P17.12 billion last year.

The nine-month total cost of sales and services rose by 4.8% to P8.78 billion from P8.38 billion a year ago due to a higher level of resale, which carries a higher cost of sales than fresh units.

In September, 8990 Holdings announced a housing deal that will provide 2,699 housing units to Quezon City government employees and informal settler families.

The housing units will be in the company’s four-tower Urban Deca Homes Commonwealth project near Batasan Road in Barangay Commonwealth.

8990 Holdings is an affordable housing developer. Its projects include low-cost mass housing units and subdivision lots, medium-rise and high-rise building housing units.

On Thursday, 8990 Holdings’ stocks fell by 0.69% or six centavos to P8.60 per share. — Revin Mikhael D. Ochave