Boutique property developer and gaming firm Belle Corp. reported a net income of P1.1 billion for the first nine months of the year, higher by about 80 percent compared to the recurring net income of P631.1 million in the same period last year, excluding one-off provisions.
It said net income in the 2014 nine-month period was boosted by a non-recurring P1.2 billion reversal of provisions for probable losses by its Premium Leisure Corp. (PLC) subsidiary in 2014 as well as an after-tax gain of P30.8 million on the sale on its investment in SMIC retail bonds.
“Excluding these non-recurring items, the Company’s net income for the nine months ended September 30, 2015 would have been P531.4 million [87 percent] higher compared to recurring net income for the 2014 period of about P613.1 million,” the company said.
Belle said operating revenues for the first nine months rose to P3.98 billion, up 147 percent from the P1.6 billion recorded in the same period last year.
The stronger operating revenue was attributed to the consolidation in the 2015 period of Pacific Online; higher interest income on finance lease accounting in 2015, higher sales of real estate and club shares; and the gaming income share of PLC from City of Dreams Manila for the 2015 period which amounted to P554.3 million.
Due to the strong revenue performance, Belle said it was able to pay a total of P2.9 billion in cash dividends to its shareholders in 2015.
Belle Corp is a property developer that targets the leisure market. Its principal assets include land and buildings located at Pagcor Entertainment City in Parañaque City, which are being leased on a long-term basis to Melco Crown Entertainment Ltd. (MCE). It also owns significant real estate assets in and around Tagaytay City.