Belle Corp’s profits down 30% on lack of one time gain

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Belle Corp posted a 30-percent decline in profits last year on the absence of one-time non-recurring gain, and its net income dropped to P2.56 billion from P3.64 billion from a year ago, a company announcement said on Friday.

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If not for the one time gain in 2013 from its casino partnership with Melco Crown Entertainment Limited valued at P1.87 billion, Belle would have hiked profits by 81 percent to P1.04 billion from P572 million, the company statement said.

Despite lower net income, the company’s operating revenues was boosted at P3.16 billion, which grew almost six folds from the P540 million in 2013.

The increase in revenues was due to higher sales in its share in City of Dreams Manila, increased real estate sales and revenues from its listed subsidiaries Premium Leisure Corporation (PLC) and Pacific Online Systems Corp.

PLC turned over from P8.7 million net loss in 2013 to net income of P1.34 billion last year, while Pacific Online hiked its net income by 12 percent to P366.5 million from P325.1 million a year ago.

The $1-billion City of Dreams Manila had a “soft opening” in December 2014 and was fully opened last February 2. About 30,000 guests, including high profile industry players, attended the opening.

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