Philippines real estate and gaming investor Belle Corporation saw its EBITDA grow 30% in the first nine months of 2018 to Php1.84 billion via its subsidiary Premium Leisure Corporation (PLC), which has a revenue share agreement with Melco Resorts & Entertainment at City of Dreams Manila.
Announcing its results through 30 September 2018 on Friday, Belle revealed strong EBITA growth from the Php1.42 billion in EBITDA for the same period last year, while the company also realized an 8% increase in EBITDA from its real estate business to Php1.79 billion of which Php1.54 billion was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco. The balance came from sales of real estate products and property management activities at the company’s Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila, it added.
With City of Dreams Manila driving the way, Belle Corp’s recurring net income for the nine months ended 30 September 2018 grew 19% to Php2.94 billion. Consolidated net income of Php2.68 billion was up 1%, with the lower growth rate due mainly to one-time gains recorded in 2017 from sales of non-core investments and properties.
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