Property and gaming firm Belle Corp. reported a net income of P140.3 million for the first nine months of the year, up percent from P117.1 million year-on-year.

In a financial report filed with the Philippine Stock Exchange, Belle said the increase in net earnings was on the back of a 7 percent rise in revenues to P430.1 million.

Total contract price of sales and reservations booked during the period more than doubled to P1.16 billion due to the favorable market reception for Belle's newest upscale residential project, Lakeside Fairways.

Belle said during the first quarter, construction of The Heights was started. It is the fourth phase of its farm lots project, Plantation Hills at the Greenlands, slated for launching in 2008.

The Verandas at Saratoga Hills is already 95-percent complete as of end-Septemnber this year.

Income from real estate operations rose 11 percent to P153.1 million.

With the appreciation of the peso against the dollar, Belle posted a P86.9-million foreign exchange gain during the nine-month period.

Equitized net earnings from 33-percent owned associate Pacific Online Systems Corp. and 26-percent owned Highlands Prime Inc., amounted to P50.2 million, up three percent from the previous level.

Pacific Online leases online equipment to the Philippine Charity Sweepstakes Office for lottery operations in the Visayas and Mindanao while Highlands Prime is engaged in real estate development.

As of end-September this year, Belle had total assets of P9.6 billion as against liabilities of P4.65 billion.