Philippine conglomerate Belle Corp says its board has approved a regular cash dividend of PHP0.12 (US$0.0023) per share, representing a payout up 26.3 percent from a year earlier.
The total dividend amounts to approximately PHP1.3 billion, the company said in a filing to the Philippine Stock Exchange on Friday. The dividend will be paid on March 23 to shareholders of record as of March 9, the firm added.
Belle Corp receives a share of the gaming income at City of Dreams Manila – a casino property operated by a unit of Asian gaming firm Melco Resorts and Entertainment Ltd – via Belle Corp’s 78.7-percent owned subsidiary, Premium Leisure Corp.
In a filing on Monday, Premium Leisure said its board of directors declared a cash dividend of PHP0.04391 per share, amounting to approximately PHP1.39 billion, up 56.3 percent from a year earlier.
Belle Corp said in November that its net profit for the first nine months of 2017 rose by 37.1 percent, to PHP2.17 billion, compared to nearly PHP1.59 billion in the prior-year period.
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George Choi and Ryan Cheung
Analysts at Citigroup