LISTED property and casino operator Belle Corp. saw earnings jump 13 percent IN 2017 driven by strong growth in its gaming business revenue.
In a disclosure on Friday, Belle said consolidated net income increased to P3.5 billion last year compared to P3.1 billion in 2016.
Revenues surged 27 percent to P8 billion versus the P6.3 billion recorded in 2016.
Recurring net income, excluding capital gains on sales of non-core investment and extraordinary items, climbed 58 percent to P3.3 billion from the previous P2.1 billion.
Belle attributed last year’s strong financial performance on the growth of gaming revenues from City of Dreams Manila, which soared 59 percent to P2.6 billion from P1.6 billion in 2016.
The group’s real estate business also boosted its full-year results, achieving P3.1 billion in revenues, up 10 percent from 2016’s P2.8 billion.
Of the P3.2 billion in real estate revenues, P2.3 billion came from its lease to Melco Resorts and Entertainment (Philippines) and Corporation (Melco) of the land and buildings comprising City of Dreams Manila. Another P823 million came from its real estate sales and property management activities at its Tagaytay Highlands and Tgaytay Midlands residential and leisure complexes.
Belle is a property developer focusing on the leisure market. Its principal assets include land and buildings at the Pagcor Entertainment City in Parañaque City, which are being leased on a long-term basis to Melco Crown Entertainment Philippines. It also owns significant real estate assets in and around Tagaytay City.