BELLE Corp.’s attributable profit expanded by 10% in the three months ending June, driven by higher earnings of the City of Dreams Manila.
In a regulatory filing, the listed firm said net income attributable to equity holders of the parent reached P919 million in the second quarter of the year, higher than the P834 million it generated in the same period a year ago. Revenues for the second quarter meanwhile grew by 17% to P2.5 billion
This brought the company’s attributable profit for the first half of the year to P1.6 billion, 10% higher year-on-year, supported by a 9.6% increase in revenues to P4.52 billion.
The Sy-led firm attributed the increase to the higher income share from the City of Dreams Manila, an integrated resort and casino in the Philippine Amusement and Gaming Corp.’s Entertainment City by the Manila Bay. The property is being leased on a long-term basis to Melco Resorts and Entertainment Limited.
Belle sources its earnings from its subsidiary Premium Leisure Corp., which has an operating agreement with Melco’s local unit that grants it a share of the gaming revenues or earnings at City of Dreams Manila.
Earlier this year, the company said it has proposed to expand the hotel and non-gaming operations of City of Dreams in order to meet the demand for more accommodations inside the resort and casino complex. Belle owns around a hectare of undeveloped land across where City of Dreams stands.
Aside from City of Dreams, Belle also owns and develops premium residential resort projects in Tagaytay City. This includes Tagaytay Highlands and Tagaytay Midlands, considered as exclusive destinations with club and golf facilities alongside residential communities.
The company also has over 800 hectares in its land bank set aside for future development. — Arra B. Francia