Belle Nets PhP1.1B for 9M 2015

Pasay—(PHStocks)—Belle Corp. (PSE: BEL) realized operating revenues of almost PhP4 billion and net income of PhP1.1 billion for the nine months ended September 30, 2015. Due to its strong operating performance, the company has already paid a total of PhP2.9 billion in cash dividends to its shareholders during 2015.

Belle’s operating revenues of PhP4 billion for the first nine months of 2015 were approximately 150% higher than its operating revenues of PhP1.6 billion for the same period in 2014. Its net income of PhP1.1 billion for the 2015 period was higher by about 80% compared to recurring net income of PhP631.1 million in the 2014 period, excluding a non-recurring PhP1.2 billion reversal of provisions for probable losses by its Premium Leisure Corp. (PSE: PLC) subsidiary 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 Ltd (MCE, NASDAQ: MPEL), 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.