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Property developer eyes better profits

Posted on May 09, 2013 10:34:31 PM [ BusinessWorld Online ] 
REAL ESTATE developer 8990 Holdings, Inc., which recently made a backdoor listing via IP Converge Data Center Inc., hopes to increase profits this year on an expanded land bank, the company said in a statement yesterday.
The 8990 Group “is now eyeing an additional 30-40% annual profit growth through additional funds from the capital market, as well as increasing its existing land bank and expanding the capabilities of its recently acquired company,” the statement read.
8990 Group last year booked a net income after tax of P1.71 billion, and reported P700 million for the first quarter. Comparative figures for both periods were not immediately available.
“Such results clearly indicate an upward trend that will bring us to a higher level of record profits this year, wherein [sic] our commitment to provide affordable mass housing under our Deca Homes brand shall continue to be the principal driving force of this growth” Jesus B. Atencio, 8990 Holdings president and chief executive officer, was quoted in the statement as saying.
8990 Group is known primarily for its main brands Deca Homes (mass housing subdivisions) and Urban Homes (medium-rise buildings), the statement said. Deca Homes has developed 51 subdivisions, with more than 41,000 housing units turned over to date, it added. The developer said it has 10 ongoing residential projects in Angeles City in Pampanga, Cavite, Iloilo, Cebu, and Davao, while also managing two wakeboard parks -- Deca Wake Park Davao and Deca Wake Park Clark.
IP Converge on Tuesday announced that transactions for 8990 Holding’s backdoor listing have been executed.
The transactions, involving IP Converge’s issuance of shares and subsequent subscription by 8990 Holdings, was worth P3.97 billion, according to yesterday’s statement.
IP Converge used to be an information technology solutions firm before becoming a shell company last year when it transferred its assets to parent IP Ventures, Inc. -- Cliff Harvey C. Venzon  
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