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MANILA, Philippines – Belle Corporation (PSE:BEL) registered its consolidated net income of P1.9 billion ended September 30, 2016. The net income is an increase by 64 percent from its P1.1 billion last year of the same period.
The underlying earnings growth of the company excludes its extraordinary offerings. In July 2016, the company sold its SM Prime Holdings, Inc. (PSE:SMPH) 26 million shares, which resulted to gains of P352 million.
During the first nine months of 2016, the company had a recurring net income of P1.5 billion, which is 33 percent higher than last year valued at 373 million.
The company’s net income growth is contributed by its share in the City of Dreams Manila’s gaming revenues. At present, Belle has a 78.7 percent stake in the company through its subsidiary, Premium Leisure Corporation (PLC). PLC had a Melco Crown Entertainment Limited (MCE) deal concerning its business share in City of Dreams Manila gaming operations.
From P554 million last year, the share of the company in the gaming income increased by two-fold at P1.1 billion. The income increase is due to expanded gaming operations in City of Dreams Manila, which had a grand opening in February 2015.
The company’s buildings like City of Dreams Manila and land leases had profit of as much as P1.67 billion from its last year record of P1.58 million, a four percent climb.
The principal assets of Belle include PAGCOR Entertainment City. The property is leased to MCE at a long period. The area houses the City of Dreams Manila operations, including its gaming areas and resorts encompassing over 30-hectare in building gross floor area and 6.2-hectare land.
City of Dreams Manila has a two-hectare gaming space with 900-room hotels under Crown, Nobu, and Hyatt. It also features DreamPlay, which is an indoor family amusement park, retail space, and two-hectare dining areas.
Belle also acquired properties located in Tagaytay City and its neighboring towns. These properties are inclusive of residential properties for sale and future development-allocated 800-hectare land.