MANILA -- Property and casino operator Belle Corp. announced Friday that its net income surged 11 percent in the first six months of 2018 on strong revenues from its gaming operations.
In a disclosure to the stock exchange, Belle said its consolidated net income reached PHP1.96 billion in January to June from PHP1.77 billion achieved in the same period last year.
Excluding capital gains from sales of non-core investments and extraordinary items, its recurring net income rose by 26 percent to PHP2.08 billion from PHP1.66 billion.
Through its subsidiary, Premium Leisure Corporation (PLC), the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) from its income share in the gaming operations of City of Dreams Manila increased by 42 percent to PHP1.34 billion for the first six months from PHP945 million last year.
Belle also booked increased EBITDA from its real estate businesses of PHP1.19 billion for the first six months of 2018, an 11-percent increase from PHP1.07 billion for the 2017 period.
The company said of the amount, PHP1.02 billion in real estate-related EBITDA was derived from its lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment Limited.
It said the balance came from sales of real estate products and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes south of Metro Manila. (PNA)
