Belle Corp, the owner of City of Dreams Manila, says it recorded a 19 percent rise in recurring net income for the first nine-months of 2019, with growth observed from its gaming and real estate businesses.
Recurring net income reached P2.9 billion for the first nine-months of 2019, while consolidated net income stood at P2.7 billion, only 1 percent year-on-year from 2017.
Belle said the lower growth rate in consolidated net income is due to one-time gains recorded in 2017 from sales and non-core investments and properties.
Through its subsidiary, Premium Leisure Corporation, the company’s EBITDA from its income share in gaming operations of City of Dreams Manila increased by 30 percent to P1.8 billion for the nine month period, up from P1.4 billion in the prior year period.
Belle also realized increased EBITDA from its real estate businesses of P1.8 billion, an increase of 8 percent year-on-year.
Belle said a significant portion of this real-estate-related EBITDA was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco.
The company is also involved in the sale of real estate products and property management activities at Tagaytay Highlands, Midlands residential and leisure complexes south of Metro Manila.