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.
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.
H1 Net Income Falls 19% To P3B
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