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8990 : sees threats to business (Middle East conflict low oil prices)

02/07/2016 | 04:46pm US/Eastern

MANILA, Philippines - 8990 Holdings sees the prevailing low oil price environment and the Middle East conflict as threats to business that could affect monthly amortization programs of its overseas Filipino clients.

"If there's anything that is a threat for us it's the Middle East tensions and the oil crisis,"said 8990 president and chief executive officer Januario Jesus Atencio.

Atencio said affected companies may retrench workers and this could affect Filipino seafarers and other OFWs.

"I was thinking of giving a moratorium. We can restructure the terms but it's not yet final," Atencio said.

Another challenge is the local government elections, which could delay the issuance of permits for new projects this year, Atencio said.

Nevertheless, despite the challenges, the company expects a higher net income of P4.8 billion for 2016, higher than 2015's P4.05 billion.

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"This year, 8990 will start 14 new projects, adding 75,608 units to the inventory. For 2016, 7,076 units will form 57 percent of this year's performance, with a value totalling almost P7.3 billion," Atencio said.

Ongoing projects are seen contributing 40 percent to revenue this year.

"In addition to new projects, 8990's 11 ongoing projects will provide an additional 5,377 units nationwide with a value of P4.8 billion. In sum, both new and ongoing projects will provide a total of 12,453 housing units and a gross value of P12 billion for 2016," Atencio said.

In 2015, Atencio said roughly 85 percent of total revenues came from DECA Homes subdivisions in Cavite, Pampanga, Iloilo, Davao and General Santos, while the remaining 15 percent came from medium-rise Urban DECA Homes projects in Cebu and Muntinlupa.

For 2016, the company will build 12,453 housing units, where 46 percent would come from Luzon, 30 percent from the Visayas and 24 percent from Mindanao.

© Pakistan Press International, source Asianet-Pakistan

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