8990 HOLDINGS POSTS REVENUES OF P4.8B
8990 Holdings Inc, listed on the Philippine Stock Exchange under the symbol “HOUSE”, posted its highest-ever quarterly revenue of Php4.8 Billion, a 38% year on year increase from last year’s Php3.5 Billion.
Gross revenue for 3Q2020 alone almost equals the Php4.9 Billion revenue reported during the first half of 2020. This translate to a net income of Php1.8 Billion.
Revenue for the first nine months hit Php9.7 Billion, 7% lower than the previous year as a result of a weak second quarter due to the lockdowns imposed in varying degrees across the country.
Net income for the period is at Php3.3 Billion, down 21% year on year. Performing accounts ratio increased to 82% in the first nine months from 77% in the first half of 2020.
The lockdowns and the Bayanihan Act negatively affected collections during the second quarter but a rebound in collection is expected by the end of the year.
“After we felt the impact of four consecutive months of lockdown in the first half of this year, I am happy to report that we registered a very strong third quarter, our highest quarterly performance in the 17 year history of 8990," said Acting President & CEO Alexander Ace Sotto.