Philippines real estate investor Belle Corporation reported record revenue of Php8.5 billion (US$164.1 million) in 2018, up 6% year-on-year on the back of a significant uptick in its share from City of Dreams Manila.
Through its gaming subsidiary Premium Leisure Corp (PLC), Belle saw its share in gaming earnings from City of Dreams Manila grow 23% from Php2.6 billion in 2017 to Php3.2 billion (US$61.8 million) last year.
The company also saw revenue from its real estate segment grow 9% to Php3.4 billion in 2018 of which Php2.4 billion came from the leasing of the land and buildings that comprise City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation.
Belle’s consolidated net income decreased 8% to Php3.2 billion in 2018, but in a statement it added that, excluding capital gains on sales of non-core investments and extraordinary items, the company’s 2018 recurring net income of Php3.6 billion was 10% higher than its 2017 recurring net income of Php3.3 billion.
Belle’s revenues and recurring net income for 2018 were both record levels, Belle added.
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