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Belle Corp. reports reduced net income to P117 million.
(From BusinessWorld (Philippines))
Byline: Jeffrey O. Valisno
Lower revenues from its real estate projects significantly reduced the net income of listed property developer Belle Corp.
In a report to the Securities and Exchange Commission, Belle said its net income for the nine months ending September dropped to P117.1 million this year from P445 million the same period last year. For the third quarter alone, the company's net income slid to P56.9 million this year from 384.9 million last year.
Belle attributed the decline to the one-time gain that the company reported last year. The gain came from the sale of 2 hectares of reclaimed land …
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