BELLE Corp., which owns half of City of Dreams Manila, said its net income was flat during the first nine months of the year, but was slower in the third quarter alone, due mainly to one-time gains recorded in 2017 from sales of noncore investments and properties.
The company said its income reached P2.68 billion for the nine-month period ending September.
Through its unit, Premium Leisure Corp., 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 30 percent to P1.84 billion for the period, up from P1.42 billion last year.
Revenues for the nine-month period were higher by a mere 4 percent to P6.46 billion from last year’s P6.22 billion as a result of higher income from the gambling and hotel operations of City of Dreams Manila.
Income for the third quarter alone fell 18 percent to P716 million from last year’s P878.12 million, the company said.
Premium Leisure has an operating agreement with the Philippine affiliate of Melco Resorts and Entertainment Ltd. that accords it a share of gaming revenues or earnings at City of Dreams Manila.
Belle also realized increased its Ebitda from its real estate businesses of P1.79 billion for the first nine months of 2018, an 8-percent increase from P1.66 billion last year.
“A significant portion of this real estate-related Ebitda of P1.54 billion was derived from Belle’s lease of the land and buildings comprising of the 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,” the company said.