Belle Corp posts higher net income of P140M

Property and gaming firm Belle Corp. reported a 20 percent growth in net income for the first nine months of the year to P140.3 million, from P117.1 million in the same period a year ago.

In a financial report filed at the Philippine Stock Exchange, Belle said the increase in net earnings was on the back of a seven percent rise in revenues to P430.1 million.

Gross sales value or the total contract price of all sales and reservations booked during the period more than doubled to P1.16 billion due to the favorable market reception for Belle’s newest upscale residential project, Lakeside Fairways.

Gross profit likewise went up seven percent to P249 million from only P231.7 million.

Belle said the first three phases of its farm lots project, Plantation Hills at the Greenlands, were completed in 2005 with the fourth phase (The Heights) completed during the first quarter of this year.

During the first quarter, Belle also started the construction of the newest phase in Plantation Hills, which is slated for launch in 2008 while The Verandas at Saratoga Hills is already 95-percent complete as of end-Septemnber this year.

The company’s total operating expenses, including depreciation and Amortization, slightly went up to P96 million from P94.1 million.

Meanwhile, income from real estate operations rose 11 percent to P153.1 million from P137.6 million.

Interest expense amounted to P167.6 million, eight percent lower than the year-ago figure.

With the appreciation of the peso against the dollar, Belle posted a P86.9-million foreign exchange gain during the nine-month period.

Belle said equitized net earnings from 33-percent owned associate Pacific Online Systems Corp. and 26-percent owned Highlands Prime Inc., amounted to P50.2 million, up three percent from the previous level.

Pacific Online leases online equipment to the Philippine Charity Sweepstakes Office for lottery operations in the Visayas and Mindanao while Highlands is engaged in real estate development.

As of end-September this year, Belle had total assets of P9.6 billion as against liabilities of P4.65 billion.