8990 Holdings Inc., a real estate developer listed on the Philippine Stock Exchange, saw a sharp decline in net income for the first nine months of the year, hurt by lower sales of mass housing and condominium projects.
8990, which trades under the ticker symbol HOUSE, reported that net income between January and September dropped 24 percent to P4.73 billion, as consolidated revenue fell to P15.68 billion from P17.12 billion in the year-earlier period. The consolidated net income margin for the period was 30.16 percent.
The cost of sales and services during the period increased to P8.78 billion from P8.38 billion due to a higher level of resale, which normally carries a higher cost of sales than fresh units. HOUSE develops medium-rise building condominiums under the Urban Deca Homes brand and high-rise building projects under the Urban Deca Towers brand.
The company also noted that other operating income—mainly interest income from in-house financing programs—declined during the period to P2.01 billion from P2.59 billion.
