SM Group-led Belle Corp. on Wednesday said income from City of Dreams (CoD) Manila almost doubled Belle’s consolidated net income to P1.77 billion, from last year’s P917 million.
Excluding capital gains on sales of noncore investments of P139 million this year and P4 million in 2016, Belle’s recurring net income for the period reached P1.66 billion, still 82 percent higher than the previous year’s P913 million.
Belle’s share in the gaming income of CoD Manila, through 78.7-percent owned subsidiary Premium Leisure Corp., more than doubled to P1.46 billion for the period, from P702 million last year.
Premium Leisure has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Ltd. that accords it a share of gaming revenues or earnings at CoD Manila, the second integrated resort and casino that opened at Entertainment City.
“Belle also realized increased revenues from its real-estate businesses,” the company said. Total real estate-related revenues increased by 10 percent to P1.6 billion, from P1.45 billion last year. Of its first quarter 2017 real estate-related revenues, P1.12 billion was derived from Belle’s lease of the land and buildings comprising CoD Manila to Melco, with the balance of P478 million coming from sales of real-estate products and property-management activities at its Tagaytay Highlands and Midlands residential, and leisure complexes south of Metro Manila.
Image credits: Yooran Park | Dreamstime.com