Belle Corporation 9 Month 2016 Net Income Grows 64%

Belle Corporation realized consolidated net income of Php 1.9 billion for the nine months ended September 30, 2016, representing an increase of Php 729 million (64%) from net income of Php 1.1 billion for the first nine months of 2015.

This performance continues Belle’s record of underlying earnings growth. Excluding extraordinary items, principally a capital gain of Php 352 million on the sale of 26 million shares of SM Prime Holdings, Inc. in July 2016, Belle’s recurring net income of Php1.5 billion for the first nine months of 2016 was higher by Php 373 million (33%) over the net income for the first nine months of 2015.

The Company’s operating growth in 2016 was fueled primarily by growth in its share in the gaming income of City of Dreams Manila, through its 78.7%-owned subsidiary, Premium Leisure Corporation (PLC). PLC’s gaming income share for the nine months ended September 30, 2016 doubled to Php 1.1 billion, from Php 554 million for the comparable period in 2015. This was attributable to the ramp-up in gaming operations of City of Dreams Manila, which held its grand opening in February 2015. PLC has an operating agreement with Melco Crown Entertainment Limited (MCE) that accords it a share of gaming revenues or earnings at City of Dreams Manila. Belle also realized higher revenues from its lease of the land and buildings comprising City of Dreams Manila to MCE, with such revenues increasing by Php 57 million (4%) to Php 1.64 billion for the nine months ended September 30, 2016 from Php 1.58 billion during the comparable period in 2015.