Listed property and gaming firm Belle Corp. posted a 44 percent decline in net income for 2015 to P1.4 billion from P2.6 billion a year earlier.
In a disclosure to the Philippine Stock Exchange on Tuesday, the company cited an extraordinary non-recurring income in 2014, which included the P1.2-billion reversal of provisions for probable losses by subsidiary Premium Leisure Corporation.
Excluding non-recurring items, the company noted the recurring net income for 2015 at P1.3 billion, up 29 percent from P1 billion.
Operating revenues totaled P5.2 billion, a 65 percent jump from P3.1 billion.
The growth last year was fueled by higher revenue from the lease of the City of Dreams Manila property to the Philippine entities controlled by Melco Crown Entertainment Limited (MCE). Belle also cited higher income from real estate sales and the income contributed by listed subsidiaries – Premium Leisure and Pacific Online Systems Corporation.”
Premium Leisure’s operations were highlighted by the grand opening of City of Dreams Manila in February 2015.
The subsidiary has an operating agreement with MCE on the share of gaming revenues from casino resort.
“In 2015, revenues from real estate development operations came mainly from sales of Lakeside Fairways lots (mainly Sycamore, Katsura, Yume, Tivoli, Kew Gardens and Cotswold), sales of Saratoga Hills properties (mainly Fairfield, Nobhill and The Verandas at Saratoga Hills), sales of Plantation Hills lots and sales of Tagaytay Midlands club shares,” Belle said.
The company noted the sales of club shares increased by 10.9 percent to P2.99 billion from P2.7 billion.