Philippines investment firm Belle Corporation has announced a 42% increase in consolidated net income to Php2.7 billion (US$52.7 million) for the nine months to 30 September 2017, fueled primarily by growth in its revenues from City of Dreams Manila.
In a filing to the Philippine Stock Exchange, Belle said that its share in the gaming income of City of Dreams Manila, through its 78.7%-owned subsidiary, Premium Leisure Corporation (PLC), almost doubled during the first nine months of the year to Php2.16 billion (US$42.2 million), up from Php1.11 billion during the same period in 2016. PLC has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Limited (Melco) that accords PLC a share of gaming revenues or earnings at City of Dreams Manila.
Belle’s net income of Php2.7 billion represented a 42% increase on the Php1.9 billion it reported last year. Excluding capital gains on sales of non-core investments of Php184 million in 2017 and Php373 million in 2016, Belle’s recurring net income of Php2.5 billion for the first nine months of 2017 was 64% higher than recurring net income of Php1.5 billion during the first nine months of 2016.
Belle said it also realized increased revenues from its real estate businesses. Total real estate-related revenues increased by 10% to Php2.4 billion (US$46.9 million) from Php2.1 billion for the prior period.
Of its 2017 real estate-related revenues, Php1.7 billion was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts, with the balance of Php683 million 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.
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