The company posted a consolidated net profit of P72.9 million for the period as against P93.6 million last year.

It said it booked P78.6 million in foreign exchange losses related to its dollar-denominated debts. This offset the growth in its revenues and operating income.

Net revenues for the first semester reached P602 million, a 120 percent jump over P273.8 million a year ago. Earnings from real estate operations rose 159 percent to P238.9 million.

Total operating expenses, including depreciation and amortization, amounted to P82.1 million, up 31 percent year-on-year, due to increased project development and marketing activities.

Belle's projects are located in Tagaytay. It is currently developing Lakeside Fairways, which offers lots in a subdivision south of the Tagaytay Midlands golf course.

Belle said it realized higher equity earnings of P39.1 million from its affiliates.

The company owns 36 percent of another property developer, Highlands Prime, and 34 percent of Pacific Online Systems Corp., the online lottery equipment provider of the government.