CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Nov 7, 2017
2. SEC Identification Number
CS200511816
3. BIR Tax Identification No.
239-508-223-000
4. Exact name of issuer as specified in its charter
8990 HOLDINGS, INC.
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
11th Floor, Liberty Center, HV Dela Costa, Salcedo Village, Makati CityPostal Code1200
8. Issuer's telephone number, including area code
(+632) 478-9659
9. Former name or former address, if changed since last report
na
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares
5,517,990,720
Fixed Rate Bonds
9,000,000,000
11. Indicate the item numbers reported herein
Item 9
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
8990 Holdings, Inc.HOUSE
PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C) Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Press Release: 8990 Third Quarter Revenue Growth Marks a Turnaround
Background/Description of the Disclosure
Nov. 7, 2017 - 8990’s third quarter revenues grew 29% year on year to Php3.1 billion from strong housing demand in all its housing projects across the country. This brings revenues for the first nine months to Php6.1 billion, on track to meet 8990’s full year target of at least Php10 billion. 8990’s third quarter revenues lifted net income for the quarter to Php1.2 billion, up 9% year-on-year. Net income margins remained stable at 40%.
According to 8990 Incoming President & Chief Executive Officer, Willie J. Uy, “Momentum has shifted to create a turnaround in our third quarter revenues. 8990’s presence in Luzon, Visayas and Mindanao allows us to easily capture the growing affordable housing demand across the country. The real challenge for us now is keeping up with the ever-growing housing demand which so far has resulted in a housing backlog of 5.9 million. This quarter we saw how fast the market can absorb readily available units in developments such as Iloilo and Manila. Once we started completing units and securing permits, we saw number of units sold in Iloilo go up by 204% while recognized units sold in Manila nearly doubled from what it did in the first half of 2017”.
A total of 4,431 units were delivered in the first nine months of the year with Luzon contributing 59% of the total followed by the Visayas regions with 30% and Mindanao with 11%.
Meanwhile, income from its Contract-To-Sell (CTS) portfolio of Php1.1 billion rose 3% year on year. According to the Incoming President & CEO, “In-house financing makes affordable housing more accessible to buyers while providing the company with some recurring revenues. Our in-house financing facility is mainly a stepping stone for our buyers to secure their homes while their application with HDMF is still being processed. Our final goal is to move these accounts to the Home Development Mutual Fund (HDMF) once our receivables have been seasoned. The 129% year-on-year increase of our Home Development Mutual Fund (HDMF) Take Outs in the first nine months of the year reflects our aggressive stance in our HDMF take-out activities.
“We are also happy to report that we have reached a new milestone in our commitment to cash generation which is reflected in the outstanding performance of our Home Development Mutual Fund (HDMF) Take Outs and Sale of Contract to Sell (CTS) activities”, said Willie Uy. As of the first nine months of the year, 8990 has been able to double its Home Development Mutual Fund (HDMF) Take-Outs to Php3.96 billion from just Php1.73 billion in the same period last year. Meanwhile, CTS purchases made by banks hit Php1.23 billion or 45% higher.
“Our third quarter performance shows that we have been able to achieve a new momentum. We have revenues heading in the right direction and the 8990 team has been working tirelessly to put the company in the position to end the year strong with at least Php10 billion in revenues”.
8990 Holdings, Inc.HOUSE