Belle Corp net income up 87% to P385.8 million

MANILA, Philippines - Belle Corp. posted a net income of P385.8 million last year, up 87 percent from P205.8 million in 2008 on the back of higher sales from its flagship Tagaytay Highlands development as well as an enlarged share of profit from its associate companies.

In a financial report submitted to securities regulators, Belle said gross revenues rose four percent to P1.4 billion, largely coming from sales of club shares, farm lots in Plantation Hills and house and lot units in The Parks Saratoga Hills. Gross profit likewise  rose nine percent to P726.2 million.

Belle, majority owned by the family of retail tycoon Henry Sy, booked an operating income of P552.4 million, 10 percent higher than the P500.9 million recorded the year before.

The company’s equitized net earnings from 36-percent owned Highlands Prime Inc. and 35 percent-owned Pacific Online Systems Corp. expanded by 45 percent to P117.9 million from only P81.3 million.

Highlands Prime is engaged in real estate development within the Tagaytay Highlands and Midlands complexes while Pacific Online is the exclusive lotto system provider in Visayas and Mindanao for the Philippine Charity Sweepstakes Office.

Belle’s total operating expenses including depreciation and amortization went up by five percent to P173.8 million, largely due to increased project activities.

As of end-December 2009, construction on the first six phases of Lakeside Fairways and on nine new holes for the Tagaytay Midlands golf course were on-going, and are expected to continue this year.

Belle will also continue with development of houses in The Parks at Saratoga Hills. Construction of Fairfield will also be in full swing.

Aside from this, Belle is set to launch the seventh and eight phases of Lakeside Fairways and the second phase of Fairfield.