MANILA, Philippines – Belle Corporation (BEL), the luxurious real-estate developer owned by the Sy Family, published a high earnings record of 3.5 billion pesos and an 8 billion pesos revenue accredited from its strong gaming business revenues.
Belle Corp. revealed yesterday that the company’s net profit climbed thirteen percent. At the same time, its revenues increased by twenty-seven percent.
The company’s net income return of 3.3 billion pesos was higher by fifty-eight percent compared to the previous year, excluding the capital earnings on transactions of non-substantial investments and exceptional items.
According to Belle, this listed performance was pushed mainly by an increase in gaming profits.
The company reported through Premium Leisure Corporation (PLC), a subsidiary of Belle Corporation, that its share of revenue in gaming from City of Dreams Manila recorded a growth of 59 percent, increasing from 1.6 billion pesos in the previous year to 2.6 billion pesos.
City of Dreams Manila is Belle’s primary asset, which the company rented to Melco Resorts and Entertainment Limited for a long time. Apart from lease revenue, the company also gains from gaming incomes share.
The property business of Belle Corporation also contributed to the revenues of its excellent year to as far as 10 percent with 3.1 billion pesos.
2.3 billion pesos was derived from the corporation’s lease of buildings and lands to Melco resorts, including the City of Dreams Manila. At the same time, 823 million pesos came from its sales of real estates and management of property operations at Tagaytay Highlands and Tagaytay Midlands leisure and residential complexes.
The strong results last year allowed Belle to state 12 cents for every share of regular dividend, resulting in a dividend settlement sum of around 1.3 billion pesos.
BEL owns notable assets in real estate and develops luxurious projects of residential resorts located in Tagaytay City. Comprising the company’s exclusive venues are the residential communities, the golf club centers of Tagaytay Midlands and Tagaytay Highlands, and a land of 800 hectares designated for future developments.
Belle Mining and Oil Exploration Incorporated or Belle Resources, later changed into Belle Corporation, was incorporated in 1973. During the year 1989, Belle Resources established the Tagaytay Highlands International Golf Club Incorporated. The gold club company pushed Belle into the real-estate development sector. Following that, Belle Resources revised its name in 1994 to emphasize the adjustment in its primary activity.
BEL’s projects are based in Tagaytay and Batangas, including Fairfield, Lakeview Heights, Pinecrest Village, Tagaytay Highlands Golf Club, The Belleview, The Parks, The Verandas, The Woodlands, Alta Mira, Lakeside Fairways, Nobhill, Plantation Hills, Tagaytay Midlands Golf Club, The Country Club, The Spa and Lodge, and The Villas.
- DNL Industries Sees Ban on Single-Use Plastics as an Opportunity - February 1, 2020
- Victorias Milling Co. Saw 7% Net Income Increase Even as Productivity Drops - December 18, 2019
- Sangley Airport Development Bid for by MacroAsia Corp-China Communications Construction Co. Tandem - December 18, 2019