Belle Corporation Realizes 29% Growth in Recurring Income in 2015

Pasay—(PHStocks)—Belle Corp. (PSE: BEL) realized operating revenues of PhP5.2 billion and recurring net income of PhP1.3 billion for the year ended December 31, 2015. Due to its strong operating and financial performance, the company paid a total of PhP2.9 billion (PhP0.275/share) in cash dividends to its shareholders during 2015, comprised of a special dividend of PhP1.9 billion (PhP0.18/share) in March and a regular dividend of PhP1 billion (PhP0.095/share) in August. Also, on 29 February 2016, Belle declared a regular dividend of PhP1 billion (PhP0.095/share), payable on 29 March 2016 to shareholders of record as of 14 March 2016.

Belle’s operating revenues of PhP5.2 billion for 2015 were higher by 65% over its operating revenues of PhP3.1 billion for 2014. Its recurring net income of PhP1.3 billion for 2015 was higher by 29% compared to recurring net income of PhP1.0 billion in 2014.

Total net income in 2015 of PhP1.4 billion was lower than PhP2.6 billion reported in 2014, which included an extraordinary non-recurring PhP1.2 billion reversal of provisions for probable losses by its Premium Leisure Corp. (PSE: PLC) subsidiary. The company considers its growth in recurring net income and dividend payout during 2015 as the more relevant indicators for its future operating trends and prospects.

As of 31 December 2015, the company had stockholders’ equity of PhP26 billion, including retained earnings of almost PhP5 billion, against consolidated total debt of only PhP6 billion.

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 (Philippines) Resorts Corp. (PSE: MCP), a subsidiary of Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income contributed by its listed subsidiaries – PLC and Pacific Online Systems Corp. (PSE: LOTO). PLC’s operations during 2015 were highlighted by the grand opening of City of Dreams Manila on February 2, 2015. PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila.

 

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