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Belle Corp. says revenue and net income reached record levels in 2017
Belle Corporation reported on Friday that consolidated revenue and net income reached record levels last year, driven largely by its gaming business.
Consolidated net income rose by 13 percent to P3.5 billion in 2017, from P3.1 billion a year earlier.
Consolidated revenue totaled P8.0 billion, up 27 percent from P6.3 billion in the same comparable period.
“Excluding capital gains on sales of non-core investments and extraordinary items, Belle’s recurring net income of P3.3 billion in 2017 was 58 percent higher than the recurring net income of P2.1 billion in 2016. This record performance was driven primarily by growth in gaming revenues,” the company said.
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Subsidiary Premium Leisure Corp. (PLC) reported a 59-percent increase in its share of gaming earnings from City of Dreams Manila to P2.6 billion from P1.6 billion a year earlier.
The real estate business contributed P3.1 billion in revenue, up 10 percent from P2.8 billion. Belle said P2.3 billion of the real estate revenue came from the lease payments of Melco Resorts and Entertainment (Philippines) Corp. for the land and buildings comprising City of Dreams Manila
Real estate sales and property management activities at Tagaytay Highlands and Tagaytay Midlands residential and leisure complexes amounted to P823 million.
Belle declared a regular dividend of P0.12 per share on Feb. 23, 2018 for a total dividend payment of around P1.3 billion payable on March 23 to shareholders on record as of March 9. —VDS GMA News