Belle Corp. posted a consolidated net income of P3.2 billion in 2018, down eight percent from P3.5 billion in 2017 when it booked capital gains on sales of non-core investments and extraordinary items.
Excluding one time gains, Belle’s 2018 recurring net income of P3.6 billion was 10 percent higher than P3.3 billion in 2017, the company said in a disclosure to the stock exchange.
Consolidated revenues climbed six percent to P8.5 billion from P8 billion a year ago.
Belle’s gaming unit Premium Leisure Corp. reported a 23-percent increase in its share of gaming earnings from City of Dreams Manila to P3.2 billion in 2018 from P2.6 billion in the previous year.
Belle’s real estate business also contributed to its banner year with P3.4 billion in revenues, up nine percent from P3.1 billion in 2017. About 2.4 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp., a six-percent hike over the 2017 level.
Belle’s real estate sales and property management activities in Tagaytay Highlands and Midlands residential and leisure complexes contributed the balance of P979 million, up 19 percent from the previous year’s level.
The company said the strong 2018 results enabled it to declare a regular cash dividend of P0.12 per share in February for a total dividend payment of approximately P1.2 billion, payable on March 28, 2019 to shareholders of record as of March 14.
Belle owns a 78.7-percent stake in PLC, which has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Ltd. that gives it a share of gaming revenue or earnings at City of Dreams Manila.
Belle also owns approximately one hectare of undeveloped land across from the site of City of Dreams Manila.
Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.