By James A. Loyola
Belle Corporation, a member of the SM Group, reported a 6 percent improvement in consolidated revenues to a record P8.5 billion last year from the P8.0 billion registered in 2017.
In a disclosure to the Philippine Stock Exchange, Belle said its consolidated net income decreased 8 percent to P3.2 billion in 2018 from P3.5 billion the previous year.
However, excluding capital gains on sales of non-core investments and extraordinary items, Belle’s 2018 recurring net income of P3.6 billion was 10 percent higher than its 2017 recurring net income of P3.3 billion.
Belle’s revenues and recurring net income for 2018 were both record levels, driven primarily by growth in gaming revenues.
Through its subsidiary Premium Leisure Corporation (PLC), Belle reported a 23 percent increase in its share of gaming earnings from City of Dreams Manila, to P3.2 billion in 2018 from P2.6 billion a year earlier.
Belle’s real estate business also contributed to its banner year with P3.4 billion in revenues, up 9 percent from P3.1 billion in 2017.
Of this, P2.4 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation, a 6 percent improvement over 2017 levels.
Belle’s real estate sales and property management activities at its Tagaytay Highlands and Midlands residential and leisure complexes contributed the balance of P979 million, 19 percent more than the previous year.
The strong 2018 results enabled Belle to declare a regular dividend of P0.12 per share last February 28 for a total dividend payment of approximately P1.2 billion, payable on March 28, 2019 to shareholders of record as of March 14, 2019.