Belle Corp, an investor at the City of Dreams Manila casino resort (pictured) in the Philippines, on Tuesday said its operating revenue increased by 65 percent year-on-year in 2015, to PHP5.2 billion (US$111.1 million).
Total net income for the full year however fell by 46.1 percent to PHP1.2 billion, compared to the PHP2.2 billion reported in the prior year. The 2014 results included an “extraordinary non-recurring PHP1.2 billion reversal of provisions for probable losses” by its Premium Leisure Corp subsidiary, Belle Corp said in a filing to the Philippine Stock Exchange.
Belle leases land and buildings for City of Dreams Manila on a long-term basis to Melco Crown Entertainment Ltd. Belle also realises a share in earnings from City of Dreams Manila’s gaming operations through Belle’s 78.7-percent-owned Premium Leisure Corp.
In Tuesday’s filing, Belle said it realised recurring net income of PHP1.3 billion for the year ended December 31, 2015, up by 29 percent from the prior year.
The Philippines-listed firm said its “operating growth” in 2015 was attributable to higher revenue from its lease of the City of Dreams Manila property to Melco Crown, higher income from sales of real estate and increased income contributed by its listed subsidiaries.
City of Dreams Manila opened officially on February 2, 2015, after a soft launch on December 14 the previous year.
On February 29, Belle declared a cash dividend of PHP0.095 per share, for a total dividend payment of approximately PHP1.0 billion. The company paid a total of PHP2.9 billion in cash dividends to its shareholders during 2015, according to the latest filing.
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