BELLE CORP.’S profit surged 96% in the second quarter, buoyed by the higher revenues from its integrated hotel and resort casino City of Dreams Manila.
In a regulatory filing released on Wednesday, the company said its consolidated net income stood at P990.42 million for the April to June period, from P503.92 million a year ago.
This pushed Belle’s first half consolidated net profit 93% higher to P1.77 billion, compared to the P917 million it posted in the same period a year ago.
The rise in Belle’s earnings followed a 37% increase in revenues to P2.12 billion in the second quarter, bringing the first-half revenues 35% higher to P4.12 billion.
Excluding the gains on sale of non-core investments of P139 million in the January to June period this year, Belle said its recurring net income stood at P1.631 billion, 82% higher than the recorded P913 million in the same period in 2016.
“This was attributable to the continued growth of gaming operations at City of Dreams Manila. Premium Leisure Corp. (PLC) has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Limited that accords PLC a share of gaming revenues or earnings at the City of Dreams Manila,” the company said, referring to its 78.7%-owned subsidiary PLC.
The company’s share in PLC’s gaming income amounted to P1.46 billion in the first half of the year, twice that of the P702 million posted in the same period in 2016.
Belle also reported an 18% jump in Lotto and Keno equipment rental and instant scratch ticket sales of Pacific Online Systems Corp. to P1.05 billion
Meanwhile, higher revenues in Belle’s real estate business further boosted its growth during the January to June period.
The company recorded a 10% gain in real estate related revenues to P1.6 billion for the January to June period. The lease of land and buildings inside the integrated resort comprised bulk of the revenues at P1.12 billion, while the remaining P478.2 million came from sales of real estate products at Tagaytay Highlands and Midlands, located south of Metro Manila.
Shares in Belle rose by 1.07% or four centavos to close at P3.79 each on Wednesday. — A.B.Francia
