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By Likha C. Cuevas-Miel Reporter
BELLE Corp. said profits in the
first six months of the year rose by more than half due to strong
real-estate sales.
The high-end developer of
Tagaytay Highlands said its consolidated net income jumped by 54
percent to P33.4 million over the same period last year.
Gross profits climbed by 5
percent to P154.8 million with a bigger portion of this coming from
The Verandas, a house-and-lot development in Saratoga Hills in
Tagaytay Highlands complex, and from other lot-only projects.
The Verandas and its lots,
according to Belle, carry higher gross margins compared with its mix
of products last year.
Net revenues from operations
contracted by 4 percent to P273.8 million but Belle’s gross sales
value almost tripled to P889.7 million due to the “favorable
market reception” for its newest upscale residential project,
Lakeside Fairways.
Total operating expenses remained
flat at P62.5 million while income from real estate operations
during the period grew by 9 percent to P92.3 million on the back of
higher gross profit this year.
Interest expense contracted by 5
percent to P112.4 million while the company booked a P60.9-million
foreign-exchange translation gain from its dollar-denominated debt
of $22 million due to the appreciation of the peso against the
greenback.
Net earnings from equity in
associate companies—Pacific Online Systems Corp. and Highlands
Prime Inc.—contracted by 35 percent to P26.6 million while its
liabilities dipped by 1 percent to P4.656 billion due to a reduction
in accounts payable.
By end-June, Belle completed the
fourth phase called The Heights of its farm lots project, Plantation
Hills at Greenlands. The first three phases were completed two years
ago.
Belle also started building the
newest phase of Plantation Hills dubbed as The Ranch during the
first quarter while the Verandas at Saratoga Hills was 85 percent
complete.
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