From a consolidated net loss of P3.04 billion in 2002, Belle reported a net loss of P2.79 billion last year, "arising predominantly from interest expense of P802.4 million and P1.534 billion in equitized losses and loss provisions attributable to Belle’s investee companies, primarily APC Group."
The company said the year 2001 was "another difficult year" due mainly to slow economic conditions and continued losses from investees’ operations.
In particular, Belle recorded an operation loss from property development on its core area of operations (Tagaytay-Batangas) of P74.5 million in 2001, compared to an operating income of P255.1 million in 2000.
"The drop in profitability of Belle’s property development operation was mainly due to lower revenues attributable to continued uncertainty in the Philipine economy, and consequently slower economic activity in the property sector during 2001," Belle said.
Total revenues from property development operations stood at P328.1 million last year, a 72.4-percent drop from P1.19 billion a year earlier.
Belle is the owner-developer of high-end resort projects Tagaytay Highlands, Tagaytay Midlands, residential subdivision projects Lakeview Heights and Woodlands and condominium building Belle Bay Plaza.
The APC Group is Belle’s biggest non-property investment which controls the debt-saddled telecom firm Philippine Global Communications (Philcom). Its other major subsidiaries/investee companies include Sinophil Corp. and the newly-listed Highlands Prime Inc. – Conrado Diaz Jr.