Sy-led Belle Corp. grows Q1 net income nearly 15 times to P777.7-M

Sy-led leisure developer and gaming firm Belle Corp. posted a consolidated net income of P777.7 million in the first quarter, nearly 15 times the P52.5 million it reported a year earlier. In the financial report submitted to the Philippine Stock Exchange on Wednesday, Belle said gross revenues skyrocketed to P1.17 billion from only P96.9 million a year earlier due to higher real estate sales and and revenues from the lease agreement with Melco Crown involving a $1-billion integrated casino resort in Entertainment City along Roxas Boulevard. The casino resort is expected to have a grand opening in the third quarter of 2014. Operating income amounted to P1.057 billion as against P5.9 million a year earlier. Total operating expenses rose by 35 percent to P75.6 million on high administrative expenses. Interest expenses declined by 12 percent to P29.6 million, mainly due to lower interest rates. The company capitalized borrowing costs for the construction of the resort complex at P44 million. A drop in average cash levels pulled down interest income from P28.9 million to P15.4 million. The company’s equitized earnings from associated companies grew 62 percent to P61.7 million. Its 35- percent owned associate, Pacific Online Systems Corp. brought equitized earnings of P60.4 million out of a net income of P172.9 million. Highlands Prime Inc., Belle’s 36-percent owned associate, brought in P1.3 million in equitized earnings out of a P3.6-million net income during the quarter. As of end-March, Belle’s total assets inched was up by 5 percent to P26.63 billion while cash and cash equivalents rose 36 percent to P1.67 billion. The company’s equity stood at P17.4 billion, up 5 percent. — VS, GMA News