Belle Posts PhP836M 1H2015 Net Income

Pasay—(PHStocks)—Belle Corp. (PSE: BEL) grew operating revenues by over 250% to PhP2.8 billion and achieved a net income of PhP836 million for the six months ended 30 June 2015.

On the strength of the company’s operations and financial position, its Board of Directors approved on 31 July 2015 the declaration of cash dividend of nine and one-half centavos (PhP0.0095) per share for a total dividend of payment of approximately PhP1 billion, payable on 28 August 2015 to shareholders of record as of 14 August 2015.

Belle’s operating revenues of PhP2.8 billion for the first half of 2015 were more than double its operating revenues of PhP1.1 billion in the same period last year. Net income for 1H 2015 was lower than the PhP1.7 billion in the first half of last year due to a PhP1.2 billion reversal of provisions for probable losses by its Premium Leisure Corp. (PSE: PLC) subsidiary in 2014. Excluding this non-recurring item, Belle’s underlying net income increased approximately by PhP394 million during the first half of 2015.

The company’s operating growth in 2015 was attributable to higher revenues from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Ltd, higher income from sales of real estate and increased income from its subsidiaries, PLC and Pacific Online Systems Corp. PLC’s operations during the first half of 2015 were highlighted by the grand opening of City of Dreams Manila on 2 February 2015. PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila.