Earnings of mass housing developer 8990 Holdings Inc. fell 9.8 percent in 2023 to P6.89 billion from P7.65 billion recorded in the previous year on higher costs.
The 2023 revenues were slightly lower than the P24 billion sales target set by the company at the start of the year. Consolidated cost of sales and services 2023 accelerated 17 percent to P12.735 billion, mainly due to increases in cost of real estate operations.Gross income also declined 7 percent year-on-year to P9.93 billion, while gross income margin was lower at 43.8 percent compared 49.6 percent a year ago.
It has completed 68 residential projects comprising about 60,684 units as of December 31, 2023. It also has two ongoing MRB projects, with an aggregate 7,950 units for sale.