Javascript Disabled?

Your browser seems to have Javascript disabled. This website requires Javascript to display and run properly. It's totally safe.

If you want to continue using this site, please enable Javascript from you browser settings first, then come back here and refresh this page.

Real estate lifts Belle’s earnings

LISTED Belle Corp. reported a 22% jump in first-quarter net income as revenues more than doubled due to real estate revenues and the lease of integrated resort City of Dreams Manila.

Bottom line from January to March reached P378 million from P310 million a year ago. Revenues also surged to P1.34 billion from P558 million in the same comparable period, the Henry Sy-led high-end leisure developer wrote in a letter to the Philippine Stock Exchange yesterday.

Operating income surged by 88% to P738 million, although “higher interest expenses and other non-operating charges narrowed the year-on-year growth rate for net income.”

“The Company’s operating growth in 2015 was attributable to growth in revenues from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), income from sales of real estate and income derived from its listed subsidiary, Premium Leisure Corporation (PLC),” Belle Executive Vice President and Chief Financial Officer Manuel A. Gana said in the letter.

PLC has a share in the gaming revenues at City of Dreams Manila, which had its soft opening in December, following an operating agreement with MCE.

Last year, Belle spun off its key gaming assets, transferring its stake in City of Dreams Manila and another listed subsidiary Pacific Online Systems Corp., then known as Sinophil Corp.

Despite giving up its interest in City of Dreams Manila, Belle continues to receive rental income, as it has retained direct ownership of the land and building where the integrated resort is located. Belle has also retained direct ownership in the Tagaytay Highlands and Midlands complexes.

– Daphne J. Magturo ,BusinessWorld Online

We collect cookies to analyze our website traffic and performance; we never collect any personal data.