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Financial Highlights |
Belle’s consolidated net income rose to P220.0 million in 2004, a 27% increase over its 2003 net income of P 172.8 million, and earnings per common share grew to P 0.026 in 2004 from P 0.018 in 2003. These profit indicators are the highest since 1998, the year after the Asian financial crisis hit the Philippines and its Southeast Asian neighbors (refer to Graph 1).
Net revenues from sales of real estate and club shares improved from P 274.9 million in 2003 to P 512.0 million in 2004, a jump of 86%, while net operating income surged 440% to P 221.2 million in 2004 from 40.9 million in 2003.
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Belle continued to focus on improving productivity and maintaining cost-efficient operations during the year. Operating and depreciation expenses dropped to P 132.0 million, from P 145.5 in 2003 and P 198.9 million in 2002 (refer to Graph 2). A more telling indicator of Belle’s improved operating efficiency was the significant cut in its ratio of operating and depreciation expenses to net revenues. This fell to 26% in 2004, from 53% in 2003 and 62% in 2002.
These positive results have optimized Belle’s cost structure, while giving strength to the Company’s strategic objective to remain an efficient producer of high value-added products. The Company will maintain its bottom-line focus and cost-efficiency but will be poised to respond to changes in the marketplace.
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