MANILA, Philippines - Belle Corp., the SM group's gaming arm and leisure developer, on Tuesday said its consolidated net income fell 60 percent to P309.9 million in the first three months of the year, from P777.8 million it reported during the same period in 2013.
On a recurring basis, Belle said its first quarter profit surged 174 percent.
Belle said last year's first quarter profit was boosted by a non-recurring income of P949.6 million from the Philippine subsidiary of Melco Crown Entertainment (MCE) in March 2013. MCE is leasing Belle's property in Entertainment City to be used for the integrated resort project City of Dreams Manila.
"Excluding such one-time income, Belle's consolidated income for the first quarter of 2013 would have been P113 million and its consolidated net income for the first quarter of 2014 would have been higher by approximately P196.9 million," the company told the stock exchange.
Belle is building the $1.3-billion City of Dreams Manila complex, while casino giant Melco Crown is leasing the property and will operate the casino-resort.
City of Dreams Manila, which is Melco Crown's first foray outside Macau, is scheduled to start operations this year.
Meanwhile, Belle's board of directors has also approved the declaration of a cash dividend of P0.02 per share, the first cash dividend in its history.
Record date is set on May 13, 2014, with the payment date set on June 2, 2014.