By Richmond S. Mercurio (The
Philippine Star) | Updated January 30, 2015 - 12:00am
MANILA, Philippines - 8990 Holdings
Inc. said it expects profits to continue growing double digits this year after
it outperformed its 2014 profit guidance.
In a briefing yesterday, 8990 Holdings
president and chief executive officer Januario Jesus Atencio said the company
was able to surpass last year’s profit guidance of P3 billion as net income
grew 52 percent year-on-year to P3.3 billion.
Atencio said the housing developer
likewise met its sales guidance for 2014, with gross sales increasing 48 percent
to P7.9 billion and net margin improving to 43 percent from the previous year’s
40 percent.
“These are still unaudited figures,
but audited figures should not be far once it comes out,” he said.
Atencio attributed last year’s strong
performance to the country’s strong economy supported by the increase in OFW
remittances and growth in the BPO sector.
With last year’s impressive
performance, Atencio said 8990 Holdings is now gearing up for an even more
profitable year.
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The firm is targeting to further grow
its net income between 15 percent to 21 percent this year to about P3.8 billion
to P4 billion.
Revenue growth, meanwhile, is eyed at
22 percent to 27 percent at P9.6 billion to P10 billion.
This year, Atencio said the company is
looking to bolster its presence in Luzon through more projects.
“Luzon is the new area for us. We are
already strong in the Visayas and Mindanao region and we are already stable
there. I want to have more presence in Luzon,” he said.
A total of 11,083 housing units is
being planned to be built by the company this year, of which 44 percent will be
in Luzon, 31 percent in the Visayas, and 25 percent in Mindanao.
As such, the company said 42 percent
of the company’s projected 2015 revenues would come from Luzon, while 32
percent and 27 percent would come from Visayas and Mindanao projects,
respectively.
8990 Holdings is hiking its spending
program this year to P8 billion, of which P3 billion will be used for capital
expenditures and another P5 billion for operating expenses.
Atencio said the mass housing builder
is currently scouting for properties in Bacolod, Bulacan, Pampanga and Davao to
expand its landbank.
Last year, nine new projects spread
over 96.9 hectares consisting of 10,855 housing units were launched by 8990
Holdings.
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