Belle Corporation reported that its net income for the first half of the year climbed 117 percent to P157.8 million from the P72.9 million registered in the same period in 2008 due to higher sales and lower foreign exchange losses.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, the firm said realized income from real estate operations inched up 3 percent to P245.1 million from P238.9 million.

Net revenue from operating sources rose 6 percent to P615.8 million from P583.4 million due to higher revenues from its sales of lots at the Verandas of Saratoga Hills residential subdivision.

Total operating expenses, including depreciation and amortization, reached P84.8 million, seven percent higher than the year earlier level due to increased project development and marketing activities.

Interest expense was higher by 5 percent at P107.5 million from P102.7 million but, with the depreciation of the peso, Belle recorded a P13.5 million foreign exchange translation loss for the first half of 2009 on its $22 million debt. This was much lower than the P78.6 million foreign exchange loss in the same period in 2008.

Belle’s equity in net earnings of associated companies jumped 66 percent to P65.1 million from P39.1 million.

Equitized share in net earnings were from 35 percent owned Pacific Online Systems Corporation and 36 percent owned Highlands Prime Inc.

The firm expects future revenues to come from Lakeside Fairways and Fairfield, a project adjacent to the Verandas that will be launched in the second semester of 2009.

Belle expects to end the year with net earnings of at least P300 million, up 46 percent from P206 million reported in 2008. Revenues are forecast to reach P1.3 billion or almost the same level as last year.

The firm said it is also gearing up for a planned expansion in 2010 by up to 30 hectares of its Greenlands Community. It is also considering a 32 hectare farm lot project and more value added amenities for its residents and members such as the launch of the Sports Barn and the relocation of the Animal Farm from Tagaytay Highlands to the Greenlands within the next few years.

“With these plans laid out, Belle Corporation intends to maintain its leadership position in its market and will continue to work hard to assure that its reputation for quality family-oriented products will continue to be well-deserved in the future,” Belle chairman Willy Ocier said.