Belle Corp. net profit up by 90% in Q1 2017
BELLE CORPORATION realized consolidated net income of P783 million for the first quarter of 2017, which is close to double its first quarter 2016 consolidated net income of P413 million.
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% over recurring net income for the first quarter of 2016 of P413 million.
The Company’s operating growth in 2017 was fueled primarily by growth in its revenues from City of Dreams Manila. Its share in the gaming income of City of Dreams Manila, through its 78.7 percent-owned subsidiary, Premium Leisure Corporation (PLC), more than doubled to P722 million in the first quarter of 2017 from P349 million in the first quarter of 2016. This was attributable to the continued growth of gaming operations at City of Dreams Manila. 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.
Belle also realized increased revenues from its real estate businesses. Total real estaterelated revenues increased by 3 percent, from P657 million in the first quarter of 2016 to P680 million in the first quarter of 2017. Of its first quarter 2017 real estate-related revenues, P512 million was derived from Belle’s lease of the 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.