Belle Corp's net income drops 30 pct in 2014

ABS-CBN News

Posted at Mar 27 2015 01:47 PM | Updated as of Mar 27 2015 09:47 PM

MANILA, Philippines - Belle Corp. reported a 30 percent drop in its consolidated net income in 2014.

In a disclosure to the stock exchange, Belle said net income fell to P2.56 billion in 2014, due to a the P1.5 billion in higher net non-recurring gains it recorded in 2013.

Excluding the one-time gain, Belle said its consolidated net income would have increased by approximately P464 million to P1.04 billion in 2014, from P572 million in 2013.

Belle said operating revenues hit a record P3.16 billion in 2014, a 21 percent jump from year-ago figures.

The company posted P1.4 billion in recurring operating earnings for 2014, 62 percent higher year-on-year.

This was attributed to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by
Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income from its listed subsidiaries - Premium Leisure Corporation (PLC) and Pacific Online Systems
Corporation.

City of Dreams Manila had a soft opening last December, and was formally opened on February 2, 2015.

PLC has an operating agreement with MCE that accords it a share of gaming revenues or earnings at City of Dreams Manila.

PLC reported a net income of around P1.34 billion for 2014 compared to a net loss of P8.7 million in 2013.

Pacific Online reported its net income rose to P366.5 million in 2014, on the back of P1.73 billion in revenues.