Belle Corp, a joint venture partner in the City of Dreams Manila casino resort (pictured in a rendering) reported net income of PHP1.4 billion (US$31.9 million) for the second quarter of 2014, down by 16.5 percent from a year earlier.
Net income attributable to the parent equity holder was PHP841 million in the three months to June 30, down by 48 percent year-on-year, Belle told the Philippine Stock Exchange on Monday.
The US$1.2-billion casino resort will be operated by Melco Crown (Philippines) Resorts Corp and located in Entertainment City zone at Manila Bay. Melco Crown Philippines is a subsidiary of Macau casino operator Melco Crown Entertainment Ltd.
“The integrated resort is expected to open in the fourth quarter of 2014,” Belle confirmed in the filing. Last month, the company confirmed it has had preliminary discussions with owners of land near the City of Dreams Manila site.
Revenue for the April to June period came at PHP1.8 billion, down from PHP2.6 billion in the previous year, the company said.
Belle’s net income for the first six months of 2014 was PHP1.7 billion, 31 percent lower than in the first half of last year.
The company said the drop was “due to the termination fee income of PHP949.6 million received from the Philippine subsidiaries of Melco Crown Entertainment in March 2013 and a day one gain on finance lease accounted of PHP2.1 billion during 2013″.
“Excluding those two items, Belle’s net income for the first six months would have been higher by approximately PHP151.8 million (59 percent),” it added.
On June 2, the directors of Belle and its subsidiary Sinophil Corp approve a corporate reorganisation, under which Belle has transferred its gaming assets to Sinophil and the latter will transfer to Belle its real estate assets.
Belle has also executed an agreement to subscribe to 24.7 billion shares of Sinophil, which will be issued out of a 27.5 billion increase in the authorised capital of the latter.
Sinophil might have a public float extension before City of Dreams Manila’s opening.
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Credit rating agency Fitch Ratings