Peso strength drags Belle Corp. Q1 net income by 35%
The peso's appreciation slashed listed residential and leisure property developer Belle Corp.'s first quarter net income by 35 percent to P45 million. In a report to the Philippine Stock Exchange, Belle Corp., which is part owned by the SM Group of Companies said its profits for the period went down from p69.7 million in the same period in 2006 due to a slide in its foreign exchange gains. "The decrease in net income between quarters can be attributed mainly to a decrease in foreign exchange translation gain of P16.5 million in 2007, which was lower by P25.8 million compared to the P42.3 million translatio gain in 2006," the company said. Revenues remained flat at P164.4 million from P165.5 million last year but gross sales value increased by 43 percent to P264.7 million from P185.3 million last year. Costs and expenses also slightly slowed to P107 million from P115.8 million. - GMANews.TV