Belle posts P903M profit

LEISURE estate and gaming firm Belle Corp. posted P903.37 million in nine-month net profit attributable to parent equity holders, down by 43.8 percent year-on-year due to non-recurring gains booked in the comparative year.

Excluding non-recurring items, Belle’s core net income for the January to September period surged by 80 percent year-on-year to P1.1 billion due to higher revenues from its lease of the City of Dreams Manila property to the Melco Crown group, higher income from sales of real estate and increased income contributed by its listed gaming subsidiaries – Premium Leisure Corp. and Pacific Online Systems Corp.

For the attributable net profit, there was a one-time gain of P1.2 billion in the 2014 comparative level due to the reversal of loss provisions by PLC, has been transformed into an investment holding firm for gaming assets. There was also an after-tax gain of P30.8 million on the sale of some bond holdings.

In its regulatory filing, Belle said it considered its growth in recurring net income and its dividend payout during 2015 as the “more relevant indicators for its operating performance and prospects.” The company has paid a total of P2.9 billion in cash dividends to its shareholders this 2015.

Belle’s operating revenues of P4 billion for the nine-month period were about 150 percent higher year-on-year.

For gaming unit PLC, operations were highlighted by the grand opening of integrated gaming resort City of Dreams Manila on February 2, 2015. PLC has an operating agreement with the Melco Crown group that gives it a share of gaming revenues at City of Dreams Manila on top of Belle’s leasing income from the City of Dreams Manila property at PAGCOR Entertainment City in Paranaque City.