Belle Corp profit drops 22%

Written by Zinnia dela Peña - Philstar.com Saturday, 23 August 2008 21:28

Leisure and gaming firm Belle Corp. posted a consolidated net income of P72 million in the first half of the year, down 22 percent from P93.6 million in the same period a year earlier as foreign exchange losses took a toll on its bottom line.

 

In a financial report filed with securities regulators, Belle said it booked foreign exchange losses of P78.6 million during the period.

But net revenues from operating sources grew 120 percent to P602 million from only P273.8 million.  Of the total revenues, P563.89 million came from the sale of real estate and club shares or more than double the P262.88 million reported last year.

Gross profit likewise doubled P321 million from P154.8 million.

Total expenses, including depreciation and amortization, amounted to P82.1 million, up 31 percent from P62.5 million, due to increased project development and marketing activities.  Interest expense, however, declined nine percent as the peso appreciated against the dollar to 44.90:$1 as of June 30, 2008 from 41.28:$1 as of end-2007.

Equitized net earnings from 31 percent owned Pacific Online Systems Corp. and 38 percent owned Highlands Prime Inc. amounted to P39.1 million, an increase of 47 percent from a year ago.

As of end-June this year, Belle had total assets of P9.89 billion as against liabilities of P4.78 billion.

Belle earlier said it was eyeing revenues of between P1 billion and P1.5 billion this year on the back of higher sales.  In 2007, the company registered revenues of P621.97 million, up seven percent from the year earlier figure.