Pasay–(PHStocks)–Belle Corp. (PSE: BEL) achieved consolidated net income of PhP378 million for the first quarter of 2015, up by 22% compared to the same period last year. The company’s total revenues for first quarter 2015 of PhP1.34 billion were more than double the first quarter 2014 revenues of P558 million. Its income from operations for the first quarter of 2015 reached PhP738 million, up by 140% year-on-year.
However, higher interest expenses and other non-operating charges narrowed the year-on-year growth rate for net income.
Thecompany’s operating growth in 2015 was attributable to growth in revenues from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Ltd (NASDAQ: MPEL), income from sales of real estate and income derived from its listed subsidiary, Premium Leisure Corporation (PSE: PLC).
PLC’s 2015 operations were highlighted by the grand opening of City of Dreams Manila on February 2, 2015, after the soft-opening of its mass market gaming floor, hotels and restaurant outlets on 14 December 2014. PLC, which has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila, realized net income of approximately Php 80 million for the first quarter of 2015 compared to a net loss of Php 2 million for the first quarter of 2014.