REAL ESTATE developer 8990 Holdings, Inc. (HOUSE) posted a 13.2% increase in its second-quarter (Q2) attributable net income to P1.54 billion from P1.36 billion a year earlier, driven by higher sales.
April-to-June revenues rose by 1.3% to P5 billion from P4.93 billion, the company said in a regulatory filing on Wednesday.
Revenues from real estate operations inched up by 0.77% to P4.92 billion due to rental escalation and new tenants, while hotel revenues jumped 34.57% to P84.81 million.
For the first half, attributable net income edged higher by 0.66% to P3.08 billion from P3.06 billion last year, while revenues were flat at P10.14 billion compared with P10.13 billion a year ago.
“The increase was mainly attributable to the increased sales in NCR, Bulacan, and Davao,” the company said.
Costs and expenses declined by 14.95% to P2.8 billion from P3.3 billion last year.
VOLUNTARY DELISTINGIn a separate disclosure, the company said its voluntary delisting from the Philippine Stock Exchange (PSE) is proceeding after the completion of its tender offer on Sept. 30.
The company earlier filed a petition with the PSE for the voluntary delisting of its common shares, targeting an effective date of Oct. 28.
As part of the process, its unit 8990 Housing Development Corp. conducted a tender offer at P10.42 per share from Sept. 2 to 30.
A total of 575.77 million shares, representing 10.95% of listed shares, were tendered.
Combined with excluded and non-public shares, this brought the total to 99.91% of the company’s shares, above the 95% threshold required for delisting.
The cross date for the transfer of tendered shares is set for Oct. 7, when trading suspension will begin. Settlement of shares will follow on Oct. 9.
“On cross date, the public float of 8990 will fall to 0.09%, whilst the total tendered shares, excluded shares and other non-public shares will be over the voluntary delisting threshold of at least 95%,” the company said.
The company expects to complete the voluntary delisting around Oct. 29, effectively taking 8990 Holdings private.
8990 Holdings develops residential projects through its Deca Homes, Deca Towers, and Urban Deca Towers brands.
Its portfolio includes low-cost mass housing units, subdivision lots, and medium- to high-rise projects. It also operates hotels. — Alexandria Grace C. Magno
