Property and gaming company Belle Corp. said Monday net income in 2015 dropped 44 percent to P1.42 billion from P2.55 billion in 2014.
The company said excluding non-recurring items, Belle’s recurring net income in 2015 increased 29 percent to P1.33 billion from P1.03 billion in 2014.
Belle said in a regulatory filing total operating revenues surged 64 percent to P5.19 billion from P3.16 billion in 2014.
“The company’s operating growth in 2015 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited and increased income contributed by its listed subsidiaries—Premium Leisure Corp. and Pacific Online Systems Corp,” Belle said.
PLC has an operating agreement with MCE that give it a share of gaming revenue or earnings at the City of Dreams Manila.
Meanwhile, sales from real estate and club sales grew 7 percent to P347 million from P300 million booked in 2014.
Real estate sales a fell 2 percent to P843.1 million from P935.5 million in 2014. However, club shares held by the company, valued at historical cost, increased 11 percent to P2.99 billion from P2.7 billion.
Belle said despite the lower profit in 2015, the company considered the growth in recurring net income and its dividend payout as the more relevant indicators for future operating trends and prospects.
Belle’s board approved last month the declaration of a cash dividend of P0.095 per share, for a total dividend payment to its common shareholders of P1 billion, payable on March 29.
Belle’s principal assets include land and buildings located at Pagcor Entertainment City in Parañaque City, which are being leased on a long-term basis to MCE.
The property is the site of the $1-billion City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area.
Belle also realizes a share in earnings from City of Dreams’ gaming operations through its 78.7 percent-owned subsidiary PLC.
Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling.
