REAL estate firm 8990 Holdings Inc. reported a 19-percent decline in its consolidated net income in the first six months of 2024 to P3.06 billion from P3.78 billion last year.
The real estate firm recorded a flat consolidated revenue of P10.14 billion due to increased sales in Metro Manila, Bulacan and Davao, while gross income dropped to P3.93 billion from P4.88 billion.
A portion of trade and other receivables totaled P68.64 billion, with consolidated inventories valued at P52.19 billion, a 10.5-percent increase from P47.25 billion.
“Eighty-one percent of total receivables of the company are on long-term basis. Current portion of installment contract receivables stands at P1.25 billion, which pertains to [the] portion of receivables from buyers due within one year,” the company stated in its unaudited quarterly report.
Customer deposits stood at P1.07 billion as of end June 2024, a 71-percent decline from P3.69 billion last year, which 8990 Holdings said was “due to increase in direct to Pag-IBIG loan takeouts and direct to bank loan takeouts collection from Urban Deca Homes Ortigas, Urban Deca Homes Banilad, and Deca Homes Pampanga.”
The company’s sources of liquidity are through its operations cash flow, generated cash from sale or transfer of receivables to private financial institutions or to government housing institutions, and financing lines provided by banks.
“The company expects to meet its operating assets and liabilities, capital expenditures, dividend payment and investment requirements for the next 12 months primarily from its operating cash flows, borrowings and proceeds of the shares issuance,” the firm noted.
On Thursday, shares of 8990 Holdings dropped by 24 centavos to close at P9.01 apiece.
Be the first to comment