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THE developer of high-end Tagaytay Highlands told the Philippine
Stock Exchange on Tuesday its net profits for the first three months
fell despite posting higher income from real estate operations.
In its quarterly report, Belle Corp. said its
consolidated net income at end-March fell by 18 percent to P36.7
million since last year’s net profits included P30.2 million
extraordinary non-recurring income. This was generated by the
disposal of 1,244- sqm of undeveloped land in Parañaque City.
Income from real estate operations grew by 55
percent to P89 million year on year and excluding the extraordinary
item gained last year, this year’s net income grew by 147 percent.
Recurring income grew despite the P11.6-million foreign exchange
translation loss from January to March, a reversal of the
P16.5-million translation gain last year.
“The Philippine high-end leisure and property
markets continue to be strong. We are proceeding with plans for 2008
that we formulated last year, including the construction and
expansion of our highly successful Lakeside Fairways subdivision
project, in addition to new projects,” Willy Ocier, Belle vice
chairman, said.
Last quarter, the company’s gross sales value
or total contract price of all sales and reservations booked during
the period, rose by 167 percent to P495.1 million over the previous
year on the back of higher lot sales in Lakeside Fairways and The
Verandas at Saratoga Hills.
Gross profit also grew by 37 percent to P122.8
million from last year due to higher revenues while total operating
expenses, including depreciation and amortization increased by 6
percent to P33.8 million on the back of increased project activity.
Interest expense contracted by 14 percent to P50
million as interest rates eased over the past year, while equitized
net earnings from associated companies like Pacific Online Systems
Corp. and Highlands Prime Inc. went up 46 percent to P17.4 million
higher.
-- Likha C. Cuevas-Miel
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