Belle Corp net income rises 20.6% to P465.5M in 2010

MANILA, Philippines - Belle Corp., a high-end leisure developer and gaming firm controlled by the family of retail tycoon Henry Sy, reported a net income of P465.5 million last year, up 20.66 percent from P385.8 million in 2009.

Belle vice-chairman Willy N. Ocier said revenue, however, was flat at P1.2 billion in 2010.

He said while the company posted only a slight growth in real estate and shares sales, gross margin was up by P14 million due to higher margin sales product mix and foreign exchange gains.

He said foreign exchange gains were higher by P23 million.

Belle generates between P300 million to P400 million in net income yearly from its real estate operations and equitized earnings from Pacific Online System Corp., the exclusive online lottery equipment provider in Visayas and Mindanao, and Highlands Prime, another high-end leisure estate developer.

The company expects to generate revenues from new projects – Lakeside Fairways’ seventh and eighth phases, and the second phase of Fairfield, which Belle plans to launch this year.

Lakeside Fairways is a lots-only subdivision launched in 2007 located south of the Tagaytay Midlands golf course in Talisay, Batangas, while Fairfield is a lots-only subdivision in Tanauan, Batangas launched in the last quarter of 2009.

As of end-September 2010, the first four phases of Lakeside Fairways (Kew Gardens, Terrazas de Alava, Lakeside Enclave and Tivoli Place), were 97 percent completed and more than 85 percent sold and reserved.

Cotswold, which was launched in 2008, was 88 percent completed and approximately 89 percent sold and reserved as of end-September 2010.

The sixth phase of Lakeside Fairways (Katsura), which was launched in 2009, was 88 percent completed and approximately sold and reserved as of the same period.

Belle, together with the SM Group, is building a $1-billion integrated resort complex along Roxas Boulevard to be called Belle Grande Manila Bay.

Belle is seen to post around P1.5 billion in net income next year with the first full year operations of its planned multi-billion peso casino complex, expected to be almost double the size of Resorts World Manila, a luxury casino resort located in Newport City across the Ninoy Aquino International Airport.

Slated for soft opening in the fourth quarter this year, the casino complex will make available 15,000 to 20,000 square meters of gaming space in the next three years with a total of 1,600 slot machines, 300-320 tables and 1,500 hotel rooms.

Belle wholly owns PremiumLeisure & Amusement Inc. (PLAI), which was granted a provisional license by the Philippine Amusement & Gaming Corp. to establish a casino to be located within the reclaimed Manila Bay.