Belle earnings drop 8% despite higher revenues
SY-LED BELLE Corp. posted an eight percent decline in earnings in 2018, amid higher revenues due to its share in City of Dreams Manila’s gaming revenues.
In a statement issued Monday, Belle reported a net income of P3.2 billion last year, lower than the P3.5 billion it generated in 2017. The listed firm, however, noted that recurring profit, which excludes capital gains on sales of non-core investments and extraordinary items, stood at P3.6 billion, 10% higher year on year.
Consolidated revenues, meanwhile, rose six percent to P8 billion, after its subsidiary Premium Leisure Corp. delivered a 23% increase to P3.2 billion in its share of gaming earnings from the City of Dreams Manila.
The City of Dreams Manila is one of the three operating integrated resort and casinos in the state-run Entertainment City in Parañaque City. Belle is leasing out the property on a long-term basis to Melco Resorts and Entertainment (Philippines) Corp. (MRP), out of which it also gets a share of gaming earnings.
Belle also benefited from its real estate business as it booked a nine percent uptick in revenues to P3.4 billion from P3.1 billion in 2017. Bulk of this came from the lease of land and buildings to MRP for the City of Dreams Manila worth P2.4 billion.
The company’s Tagaytay Highlands and Midlands residential and leisure complexes provided the other P979 million in revenues, 19% higher year on year.
Belle currently has more than 800 hectares under its land bank intended for future development.
Meanwhile, the company declared a total dividend payment of about P1.2 billion, translating to a regular dividend of 12 centavos per share. The dividends will be distributed on March 28 to stockholders of record as of March 14.
Belle is among the equity investments of the Sy-led SM Investments Corp., whose core interests involve retail, banking, and property.
Shares in Belle jumped 1.18% or three centavos to close at P2.58 each at the stock exchange on Monday. — Arra B. Francia