BY ANGPING & ASSOCIATES SECURITIES
8990 Holdings, Inc. (HOUSE) delivered 7,324 houses in 2014, recording a gross sales growth of 47.5% to PHP 7.9 billion.
The company ended the year with a net income of PHP 3.3 billion, an increase of 52.4% from last year.
HOUSE gains revenues from in-house financing. In 2014, the company was able to increase its in-house financing portfolio by 67.6% to PHP 13.7 billion, while also improving its collection efficiency from 93.0% to 96.0%.
CTS income was up 70.7% to PHP 908 million.
This year, the company is expecting to deliver about 11,083 units and is targeting PHP 10.0 billion in revenues. 62.0% of this year’s revenue will be generated from on-going projects while the balance will come from new launches.