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Belle posted record profit in 2017

/ 05:26 AM March 03, 2018

Leisure estate and gaming firm Belle Corp. grew its net profit last year by 13 percent to P3.5 billion, so far the highest in its history, on larger gaming windfall from integrated resort City of Dreams Manila and robust real estate businesses.

Excluding capital gains on sales of noncore investments and extraordinary items, Belle’s recurring net income of P3.3 billion for 2017 was 58 percent higher than the core profit in the previous year.

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Consolidated revenue of P8 billion last year were up by 27 percent, Belle disclosed to the Philippine Stock Exchange yesterday.

This was attributed primarily to growth in gaming revenues. Through subsidiary Premium Leisure Corp. (PLC), Belle reported a 59-percent increase in its share of gaming earnings from City of Dreams Manila, rising to P2.6 billion from P1.6 billion a year earlier.

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Belle’s real estate business also contributed to its banner year with P3.1 billion in revenue, up 10 percent from P2.8 billion in 2016. Of this amount, P2.3 billion came from Belle’s lease to Melco Resorts and Entertainment (Philippines) Corp. (Melco) of the land and buildings comprising City of Dreams Manila, while P823 million was from real estate sales and property management activities at its Tagaytay Highlands and Tagaytay Midlands residential and leisure complexes.

The strong 2017 results enabled Belle to declare a regular dividend of 12 centavos per share on Feb. 23 for a total dividend payment of about P1.3 billion, payable on March 23 to shareholders of record as of March 9.

Apart from being the landlord of City of Dreams Manila, Belle earns a share in revenues or earnings from gaming operations under an operating agreement between its 78.7 percent-owned subsidiary, PLC and Melco.

Belle, which is currently valued by the stock market at close to P40 billion, also owns one hectare of undeveloped land at the City of Dreams Manila site. South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects in Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands. It also has another 800 hectares intended for future development.

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TAGS: Belle Corp., City of Dreams Manila, Leisure estate and gaming firm, net profit, real estate businesses
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