(Pasay City, Philippines)
Belle Corporation achieved record operating revenues of Php 3.16 billion in 2014, surpassing by Php 540 million (21%) operating revenues in 2013 of Php 2.62 billion.

On the strength of the increase in its revenues, Belle realized approximately Php 1.4 billion in recurring operating earnings for 2014, comprising a Php 534 million (62%) increase over the comparable figure in 2013 of approximately Php 857 million. The company’s operating growth in 2014 was attributable 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.

Belle’s consolidated net income, however, decreased from Php 3.64 billion in 2013 to Php 2.56 billion in 2014. This decrease was due to Php 1.5 billion in higher net non-recurring gains in 2013. Excluding nonrecurring items, Belle’s consolidated net income would have increased by approximately Php 464 million (81%), from Php 572 million in 2013 to Php 1.04 billion in 2014.

PLC’s 2014 operations were highlight by the soft opening of City of Dreams Manila on December 14, 2014, followed by the grand opening 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 net income of approximately Php 1.34 billion for 2014 compared to a net loss of Php 8.7 million in 2013. Pacific Online reported revenues of Php 1.73 billion and net income of Php 366.5 million for 2014, which were both higher than comparable figures for 2013 of Php 1.65 billion and Php 325.1 million respectively.

About Belle Corporation

Belle’s principal assets include land and buildings located at PAGCOR Entertainment City in Paranaque City, which are being leased on a long-term basis to MCE. This property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area. Belle also realizes a share in earnings from City of Dreams’ gaming operations through its 78.7%-owned subsidiary, PLC. City of Dreams Manila includes approximately two hectares of gaming space, approximately 900 hotel rooms operated under three hotel brands (namely Crown, Hyatt and Nobu), the DreamPlay indoor amusement park, and approximately two hectares of restaurant and retail space.

Belle also owns significant real estate assets in and around Tagaytay City, a temperate mountain resort about 90 minutes south of Manila overlooking scenic Taal Lake and Mount Makiling. These assets consist of premium residential properties for sale and approximately 800 hectares of land held for future development, which are near two exclusive world-class golf clubs and one country club built by the Company.

For further information, please contact:
Mr. Manuel A. Gana
Executive Vice President and Chief Financial Officer Corporate Information Officer
E-mail: manuel.gana@bellecorp.com
Tel. No:. +63 2 662 8807