MANILA, Philippines - Leisure and gaming firm Belle Corp. posted a net income of P52.5 million in the first quarter of the year, up five percent from the previous level on gains from the foreign exchange market as well as increased interest income.
Based on a financial report submitted to the Philippine Stock Exchange, Belle reported a 51.5 percent drop in revenues to P96.94 million from P199.94 million due to lower real estate sales.
Operating expenses climbed by 12.8 percent to P56.19 million as the company has been devoting significant resources to its $750 integrated casino resort project called Belle Grande Manila Bay.
The company, however, booked foreign exchange gains of P15.86 million, 59.5 percent higher than the P9.94 million recorded a year earlier. This was derived from its foreign currency denominated floating rate notes due in 2014 of $22 million.
Interest income surged to P28.89 million from only P296,000 in 2011.
Belle said equitized net earnings from associated companies Pacific Online Systems Corp. and Highlands Prime, amounted to P38.1 million, slightly higher than the P37.3 million reported a year before.
To rise along Roxas Boulevard, Belle Grande Manila Bay is targeted to be operational by 2013. The complex will house 1.8 hectares of gaming space with around 350 gaming tables and 1,900 slot machines as well as six luxury hotel towers with more than 800 rooms under three brands of 5-star and 6-star quality.
The resort will also contain more than two hectares of retail and dining operations. The mall, with a gross floor area of 60,000 to 80,000 square meters, will take 12 to 18 months to complete.