Belle Corp. of retail tycoon Henry Sy Sr. registered a recurring net income of P2.94 billion in the first nine months of 2018, up 19 percent from P2.47 billion year-on-year.
Consolidated net income stood at P2.68 billion, just up 1 percent from P2.65 billion on year, due mainly to one-time gains recorded in 2017 from sales of non-core investments and properties.
Belle through unit Premium Leisure Corp. said earnings before interest, taxes, depreciation, and amortization (EBITDA) from its income share in the gaming operations of City of Dreams Manila increased 30 percent to P1.84 billion from P1.42 billion on year.
PLC has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Ltd. that accords PLC a share of gaming revenues or earnings at City of Dreams Manila.
Belle also realized increased EBITDA from its real estate businesses of P1.79 billion in the first nine months of 2018, an 8-percent increase from approximately P1.66 billion a year ago.
The company derived a significant portion of the real estate-related EBITDA (P1.54 billion) from the lease of the land and buildings comprising City of Dreams Manila to Melco, with the balance coming from sales of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila.
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.
In addition to lease income, Belle has a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between PLC and Melco.
Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.
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.