Listed property and gaming firm Belle Corp. posted a net income of P413 million in the first three quarters of 2016, up 9 percent from P378 million a year earlier.
In a disclosure to the Philippine Stock Exchange on Tuesday, Belle cited its stake in the casino City of Dreams Manila, through Premium Leisure Corporation as the source of its positive bottom line.
Belle owns 78.7 percent of Premium Leisure.
Premium Leisure’s share from the gaming income of City of Dreams grew by 78 percent to P349 million from P197 million in the same comparable period.
“This was attributable to the ramp up in gaming operations of City of Dreams Manila, which held its grand opening in February 2015,” Belle noted.
Its net income in the first three months of 2016 comprises 30 percent of its full-year recurring net income of P1.3 billion in 2015.
Total revenue amounted to P1.49 billion, up 11 percent from P1.34 billion.
The firm noted an increase in real estate and clubshares by 23 percent P1.04 billion from P843 million.
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.