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PROPERTY
developer Belle Corp. reported a 54-percent rise in net
income for the first semester of the year to P93.6
million from P60.2 million in the same period last year.
Net
revenues from operating sources, on the other hand, fell
4 percent to P273.8 compared to P284.9 million a year
earlier. However, the company’s gross sales value, or
the total contract price of all sales and reservations
booked during the period, amounted to P899.7 million,
almost three times over from P322.6 million last year.
Belle
attributed growth to the favorable market reception for
its newest upscale residential project, Lakeside
Fairways.
“These
will eventually be reflected in the company’s revenues
as payments and project construction progress, in
accordance with revenue recognition accounting
standards,” Belle said in a report to the Philippine
Stock Exchange.
As of
June 30, the company completed the fourth phase of farm
lots project Plantation Hills at the Greenlands in
Tagaytay. The first three phases of Plantation Hills
were completed in 2005.
Belle
also started construction of the newest phase in
Plantation Hills in the first quarter, while The
Verandas at Saratoga Hills was 85-percent complete as of
June 30.
The
company said its gross profit for January to June grew 5
percent to P154.8 million from P146.8 million in the
same comparable period. The growth in profit was due to
real-estate revenues, mainly from The Verandas and other
lots only projects that carried higher gross margins
compared to the mix of products for revenues a year
earlier. |
