In lieu of tapping capital market, Belle to sell non-core assets

THE developer of high-end Tagaytay Highlands said Friday that it plans to sell non-core assets to boost its capital and pay down its debt. Willy Ng Ocier, Belle Corp. vice chairman said the company would just unload some of its assets this year instead of raising funds through the capital market.

“We intend to build up capital by selling our non-core assets and paying down our debt. But no definite details,” Ocier said in a text message.

Last year, Belle’s total assets increased by 5 percent to P9.915 billion from P9.418 billion in the previous year.

The company has interests in Belle Jai Alai Corp., Lucky Star Gaming Corp., Woodlands Development Corp., APC Group Inc., Sinophil, Highlands Prime Inc., Belle Bay City Corp. and Pacific Online Systems Corp.

Last year’s loans payable that were secured in 2007 by real estate mortgage on residential lots, condominium units and improvements, and a pledge of club shares and a certain number of shares of stock of Highlands Prime amounted to P2.434.4 billion and P2.458 billion, respectively.

The company realized a net income of P205.8 million last year, or P125.9 million lower than the P331.7 million in the previous year, even as revenues reached P1.379 billion, or 106 percent higher than the P669.1 million in 2007.

Operating expenses including depreciation and amortization were 16-percent higher at P165.1 million from P142.2 million in the previous year due to increased project activity.

Belle reported an operating income of P500.9 million, 99 percent higher than the P251.7 million in 2007. –Chino S. Leyco, Reporter, Manila Times