June 23, 2018, 10:40 am
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Developer posts 13% increase in profit

Belle Corp. reported a profit of P3.5 billion for 2017, a 13 percent increase from P3.1 billion the prior year, as revenues rose 27 percent to P8 billion from P6.3 billion.

“Excluding 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 recurring net income of P2.1 billion for 2016,” the company said. 

“This record performance was driven primarily by growth in gaming revenues,” it added. 

Belle said its gaming subsidiary Premium Leisure Corp. (PLC) posted gaming earnings of P2.6 billion from City of Dreams Manila, a 59 percent jump from P1.6 billionin 2016. 

The company’s real estate business, meanwhile,reported a “banner year” with revenues at P3.1 billion, up 10 percent from P2.8 billion in 2016. 

Of this amount, Belle said, P2.3 billion came from its lease to Melco Resorts and Entertainment (Philippines) Corp. of the land and buildings comprising City of Dreams Manila, while P823 million was from real estate sales and property management activities at its Tagaytay Highlands and Tagaytay Midlands residential and leisure complexes.

Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in Pagcor Entertainment City by Manila Bay which is being leased on a long-term basis to Melco Resorts. 

Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 78.7percentowned PLC and Melco Resorts. Belle also owns approximately one hectare of presently undeveloped land across the City of Dreams Manila site.

Likewise, 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.
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