Belle profit up slightly in Jan-Sept

MANILA, Philippines — Belle Corp., the high end property developer of the Sy Group, posted a  net income of P2.68 billion in the nine months to September, up by only one percent year on year.

“The lower growth rate was due mainly to one-time gains recorded in 2017 from sales of non-core investments and properties,” Belle disclosed yesterday.

It posted a recurring net income of P2.94 billion in the nine months to September, 19 percent higher than the previous year.

Through its subsidiary, Premium Leisure Corp.  (PLC), the company’s earnings before interest, taxes, depreciation and amortization from its income share in the gaming operations of City of Dreams Manila increased by 30 percent to P1.84 billion.

PLC has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Ltd.  (Melco) 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 during the period.

This is higher by eight percent from the P1.66 billion posted a year ago.

“A significant portion of this real estate-related EBITDA (P1.54 billion) was derived from Belle’s 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 said.

Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila inside the 100-hectare Entertainment City in Paranaque.

The property is being leased on a long-term basis to Melco, the operator of the integrated casino resort.

Belle also owns approximately one hectare of presently undeveloped land across the City of Dreams Manila site.

The company is also behind 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.