Posted by Fabian Philippines on PHST under Dividend, Earnings Report

Belle Corporation grew operating revenues by over 250% to Php 2.8 billion and achieved net income of Php 836 million for the six months ended June 30, 2015.

On the strength of the Company’s operations and financial position, its Board of Directors approved on July 31, 2015 the declaration of a cash dividend of Nine and One Half Centavos (Php 0.095) per share, for a total dividend payment of approximately Php1.0 billion, payable on August 28, 2015 to shareholders on record as of August 14, 2015.

Belle’s operating revenues of Php 2.8 billion for the first half of 2015 were more than double its operating revenues of Php 1.1 billion for the first half of 2014. Net income for the first half of 2015 of Php 836 million was lower than its net income of Php 1.7 billion for the first half of 2014 due to a Php 1.2 billion reversal of provisions for probable losses by its Premium Leisure Corporation (PLC) subsidiary in 2014. Excluding this non-recurring item, Belle’s underlying net income increased by approximately Php 394 million (89%) during the first half of 2015.

The company’s operating growth in 2015 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 – PLC and Pacific Online Systems Corporation. PLC’s operations during the first half of 2015 were highlighted by the grand opening of City of Dreams Manila 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.