Belle Corp. of retail tycoon Henry Sy reported a consolidated net income of P3.5 billion in 2017, up 13 percent from P3.1 billion in 2016, boosted by growth in the gaming business.
Minus capital gains on sales of non-core investments and extraordinary items, Belle’s recurring net income of P3.3 billion for 2017 was 58 percent higher than P2.1 billion in 2016.
Belle said in a disclosure to the stock exchange consolidated revenues grew 27 percent to P8 billion for 2017 from P6.3 billion in 2016.
Belle, through its gaming subsidiary Premium Leisure Corp., booked 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.
Belle’s real estate business also contributed to the banner year with P3.1 billion in revenues, up 10 percent from P2.8 billion in 2016. About P2.3 billion of the revenues came from Belle’s lease of land and buildings to Melco Resorts and Entertainment (Philippines) Corp., comprising of City of Dreams Manila. About P823 million was contributed by real estate sales and property management activities at the Tagaytay Highlands and Tagaytay Midlands residential and leisure complexes.
Belle said the strong 2017 results enabled it to declare a regular dividend of P0.12 per share on Feb. 23 February for a total dividend payment of approximately P1.3 billion, payable on March 23 to shareholders of record as of March 9.
Meanwhile, PLC reported that its board approved a P500-million share buyback program.
“There is no specific timetable for the effectivity of the buy-back program and management at its discretion will act on the timing and buying levels as it deems fit,” Belle said.
PLC said it would repurchase shares using cash and book them as treasury shares.
“The buy-back program shall be implemented in an orderly manner and should not adversely affect the company’s and its subsidiaries’ prospective and existing projects,” Belle said.
