Belle profit jumps 80% to billion in first 9 months

Belle Corporation reported a net income of R1.1 billion for the first nine months of 2015, higher by about 80% compared to recurring net income of R631.1 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, Belle said this is excluding a non-recurring R1.2-billion reversal of provisions for probable losses by its Premium Leisure Corporation (PLC) subsidiary in 2014.

Belle realized operating revenues of almost R4.0 billion due to its strong operating performance, the Company has already paid a total of R2.9 billion in cash dividends to its shareholders during 2015.

Belle’s operating revenues of R4.0 billion for the first nine months of 2015 were approximately 150 percent higher than its operating revenues of R1.6 billion for the same period in 2014.

The firm’s operating growth in 2015 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income contributed by its listed subsidiaries – PLC and Pacific Online Systems Corporation.

PLC’s operations during 2015 were highlighted by the grand opening of City of Dreams Manila on February 2, 2015. PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila.

Belle’s principal assets include land and buildings located at Pagcor Entertainment City in Paranaque City, which are being leased on a long-term basis to MCE.

This property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area.

Belle also realizes a share in earnings from City of Dreams’ gaming operations through its 78.7 percent-owned subsidiary, PLC.