REVENUES of mass housing developer 8990 Holdings, Inc. slipped 7% in 2017, amid delays in securing permits for its projects.

In a statement issued Tuesday, 8990 Holdings said its unaudited revenues reached P10.09 billion in 2017, lower than the P10.87 billion it generated in the same period a year ago. The company, however, said it reached its full-year revenue target of P10 billion.

“2017 unaudited revenue of the company was reported at P10.09 billion as the strong fourth quarter performance was able to reverse the negative growth trajectory seen during the first nine months of the year,” the company said.

8990 Holdings has yet to submit its full-year financial report to regulators.

Delays in securing project permits weighed down the company’s financials last year. In the first three quarters alone, 8990’s net income dropped by 22% to P2.47 billion. Company officials, however, noted that it would be able to recover once construction picks up and buyers see projects being completed.

Contributing to 8990 Holdings’ revenues for the year was the sale of a total of 7,348 homes. Units in Luzon accounted for 54% of this number, while Visayas and Mindanao booked 34% and 12%, respectively.

In terms of sales value, Luzon cornered the largest chunk at 58%, followed by Visayas at 33% and Mindanao at 9%.

The company further noted that medium-rise and high-rise buildings are now contributing more to housing revenues, up 47% from 26%.

This year, the listed property developer has committed to launch five more developments worth P60 billion, as it aims to expand its footprint across the country.

“2018 will be even more exciting for us as we will launch more large-scale projects that will make 8990 poised to capture the Metro Manila affordable housing market,” 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy was quoted as saying in the statement.

With this, the company targets to book at least P12 billion in revenues for 2018.

Shares in 8990 gained six centavos or 0.96% to close at P6.33 each at the stock exchange on Tuesday. — Arra B. Francia

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This article was first appeared at bworldonline.com