SY-LED Belle Corp., which owns half of the City of Dreams Manila, said its income grew 22 percent in the first quarter of the year after its revenues more than doubled.
The company said its income for the period reached P378 million, some 22 percent higher than last year’s P310 million.
Total revenues for the first quarter reached P1.34 billion, or more than double its first-quarter 2014 revenues of P558 million. Its income of P738 million from operations for the period was also more than double the P308 million made the previous year.
Higher interest expenses and other nonoperating charges, however, narrowed the year-on-year growth rate for net income, it said.
The company’s operating growth in 2015 was attributable to growth in revenues from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Ltd., income from sales of real estate and income derived from its listed subsidiary, Premium Leisure Corp. (PLC), of which it owns about 78.7 percent.
PLC’s 2015 operations were highlighted by the grand opening of City of Dreams Manila on February 2, after the soft-opening of its mass-market gaming floor, hotels and restaurant outlets on December 14, 2014.
PLC, which has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila, realized net income of approximately P80 million for the first quarter of 2015 compared to a net loss of P2 million last year
Belle’s principal assets include land and buildings where City of Dreams Manila is situated.
The property of 6.2 hectares of land and more than 30 hectares in building gross floor area is being leased on a long-term basis to MCE.
Belle also owns significant real-estate assets in and around Tagaytay City, including premium residential properties for sale and approximately 800 hectares of land held for future development, which are near two exclusive world-class golf clubs and one country club built by the company.