Belle Corp. net income flat at P2.68B in Jan-Sept

LISTED Belle Corp.’s consolidated net income increased slightly to P2.68 billion in the first nine months of 2018 from P2.65 billion in the same period last year.

In a disclosure on Friday, the Sy- led land developer attributed the 1- percent year- on- year growth to the sale of non- core investments and properties in 2017.

Recurring net income rose by19 percent to P2.94 billion in January-to-September from P2.47 billion a year ago.

Through its subsidiary Premium Leisure Corp., earnings before interest, taxes, depreciation and amortization (ebitda) from its income share of the gaming operations of City of Dreams Manila jumped by 30 percent to P1.84 billion from P1.42 billion.

Premium Leisure signed an operating agreement with the Philippine affiliate of the Hong Kongheadquarted Melco Resorts and Entertainment Ltd. in 2012 that gave the former a share in the Parañaque City resort complex’s gaming revenues.

Ebitda from Belle’s real estate businesses soared by 8 percent to P1.79 billion from P1.66 billion year-on-year.

“A significant portion of this real estate- related ebitda, amounting to P1.54 billion, was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco, with the balance 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,” the company said.

The disclosure came after Belle reported in July that its consolidated net profit grew by 11 percent to P1.96 billion in the first half of the year from P1.77 billion a year ago on the back of double- digit growth in recurring profits.

Originally incorporated as Belle Mining and Oil Exploration Inc., or Belle Resources, in 1973, Belle ventured into the property sector when it developed the Tagaytay Highlands International Golf Club in 1989. Five years later, it changed its name to its present one.

The company acquired Premium Leisure & Amusement, Inc., which secured a license from the Philippine Gaming and Amusement Corp. to operate resorts in the government- run firm’s Entertainment City in Parañaque.

Belle Corp. shares dipped by 1 centavo to close at P2.39 apiece, bucking the Philippine Stock Exchange index’s 1.40-percent gain on Friday.