BELLE Corp. reported a double-digit drop in its earnings in the first half of the year on lower real estate sales as the company focused on the development of its integrated resort complex along Roxas Boulevard.

In a regulatory filing, the high-end leisure and gaming firm of the Sy family said its net income fell 23 percent to P52.07 million in the second quarter from P67.68 million in the same period last year.

This dragged net income to P102 million in the January to June period, a 44-percent decline from P181 million in the same six-month period last year because of lower revenues.

Net revenues fell 46 percent year-on-year to P359.40 million from P660.50 million.

For most part of the year, Belle devoted significant resources for the development activities of the $1-billion Belle Grande Manila Bay, the company’s integrated resort project located in Parañaque City.

In the first six months, Belle launched Sycamore Heights, phase 8 of the Lakeside Fairways, consisting of 331 residential lots with an average lot area of 374 square meters.

The firm plans to launch a new development in the Saratoga Hills area in Tanauan, Batangas that is expected to bolster revenues in the second half.

Revenues last year were stimulated by the launches of Katsura and Fairfield, and the grand launch of Cotswold in 2009. These three projects comprised 487 sellable lots and 165,175 square meters in net sellable area.

In contrast, the company’s project launches last year—Nob Hill and Yume—comprised 162 sellable lots and 70,741 square meters of sellable area.

Belle’s operating expenses were unchanged at approximately P74.9 million during the first half of 2011, compared with P74.7 million in 2010.

Equitized net earnings from associated companies inched up 3 percent to P60.7 million from P59.2 million mainly because of higher equitized earnings from its associate Pacific Online Systems Corp.

The firm owns 35 percent of Pacific Online, which leases online equipment to state-run Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao.

Belle shares added P0.01 each to close at P4.71 on Friday.