Belle Corp reports strong results in 16Q3

Philippine casino investor Belle Corp. saw its net income attributed to shareholders rise nearly three fold year-on-year for the third quarter of 2016.

The company, in a filing to the Philippine Stock Exchange on Wednesday, reported net income attributed to shareholders of P841.8 million ($17.2 million), up from P271.9 million in 15Q3.

Operating revenue for the quarter was P1.6 billion, up from P1.3 billion in the prior year period.

Belle said the ramp up of gaming operations in City of Dreams Manila, of which it is an investor, was one of the main contributors to the strong results.

“Belle also realized higher revenues from its lease of the land and buildings comprising City of Dreams Manila to MCE, with such revenues increasing by P57 million to P1.6 billion for the nine months ended September 30, 2016,” said the company in its filing.

For the first nine months of 2016, Belle reported consolidated net income of P1.9 billion, representing an increase of 64 percent year-on-year from net income of P1.1 billion for the first nine months of 2015.

Belle’s principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, which are being leased on a long-term basis to Melco Crown Entertainment.

Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling.