PROPERTY developer and casino operator Belle Corp. posted a 90 percent increase in its net income in the first quarter of this year driven by strong revenue growth from its casino unit City of Dreams Manila.
Belle told the Philippine Stock Exchange (PSE) on Tuesday that its net income rose to P783 million in the first quarter from P413 million in the same quarter last year.
It said its share in the gaming income of City of Dreams Manila, through its 78.7 percent-owned subsidiary Premium Leisure Corp. (PLC), more than doubled to P722 million from P349 million in the first quarter of 2016.
PLC has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Limited (Melco) that accords PLC a share of gaming revenues or earnings at City of Dreams Manila.
Excluding extraordinary items, principally a capital gain of P23 million on the sale of 1.7 million shares of SM Prime Holdings, Inc. during the 2017 period, Belle’s recurring net income of P760 million for the first quarter of 2017 was higher by 84 percent over the recurring net income for the first quarter of 2016 of P413 million.
On its real estate businesses, Belle said total revenues increased by 3 percent to P680 million from P657 million in the first quarter of last year. Of this, P512 million was derived from Belle’s lease of land and buildings comprising City of Dreams Manila to Melco, with the balance of P168 million coming from sales of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.
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.