BELLE Corp., which owns Highlands property in Tagaytay, said its net income grew 10 percent during the first three months of the year, to P857 million from P783 million last year.
Excluding capital gains from sales of non-core investments and extraordinary items, Belle’s recurring net income for the period hit P888 million, 17 percent higher than the P759 million it recorded last year.
Through its 78.7-percent owned 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 8 percent to P474 million, from P439 million last 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 said it also realized increased operating income from its real-estate businesses of P571 million for the quarter, a 27-percent increase from P451 million last year.
“A significant portion of this real-estate related earnings before interest, taxes, depreciation and amortization of P502 million 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,” the company said.
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, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corp.
It also owns approximately 1 hectare of undeveloped land across from the City of Dreams Manila site.
South of Metro Manila, 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 800 hectares intended for future development.