8990 Holdings, Inc. achieved a double-digit increase in net profits during the year’s first quarter. The mass housing developer released a statement on Tuesday that announced its net income increase by 10%. The company’s gross sales managed to reach P2.18 billion, compared to 2015’s P1.97 billion.
The increase was partially driven by a rise in average selling prices. Besides the increase in price, the company also exceeded its sales volume target of 1,935. They managed to deliver 4% above the target or 2,003 units specifically. With at least 14 new projects this year, the company anticipates “50% of the year’s performance will be realized in the fourth quarter.”
