Belle profit up 11% in 6 months

Leisure estate and gaming firm Belle Corp. grew its net profit in the first six months by 11 percent year-on-year to P1.96 billion mostly on higher earnings from its stake in integrated gaming resort City of Dreams Manila.

Excluding capital gains from sale of noncore investments and extraordinary items, Belle’s recurring net income amounted to P2.08 billion for the six-month period, about 26 percent higher than the comparative recurring profit of P1.66 billion in 2017.

Belle earns mainly from its share of gaming revenues from City of Dreams Manila and from leasing the land and buildings comprising the integrated resort to the Philippine affiliate of Macau casino giant Melco Resorts and Entertainment Ltd. (Melco).

Through its gaming investment holding unit, Premium Leisure Corp., cash flow as measured by earnings before interest, taxes, depreciation and amortization (Ebitda) from its income share in the gaming operations of City of Dreams Manila rose by 42 percent year-on-year to P1.34 billion in the first six months. —DORIS DUMLAO-ABADILLA