^

Business

Belle profits plunge 46%

The Philippine Star

MANILA, Philippines - Earnings of Belle Corp., the upscale property developer and leisure gaming company controlled by the SM Group, fell by almost half in the first nine months of the year due to higher non-recurring items in 2013.

Belle said its consolidated net income for the first three quarters plunged 46 percent to P1.86 billion from P3.43 billion last year.

Net non-recurring income last year amounted to P2.90 billion, the firm reported.   

Without the non-recurring items, Belle said net income for the January to September period was 18 percent higher at P613 million compared to P520.6 million during the same period last year.

Belle’s gross revenues likewise took a hit, declining 37 percent to P1.61 billion from P2.11 billion a year ago due to the termination fee income received from the Philippine subsidiaries of Melco Crown Entertainment, Ltd. in March last year.

The termination fee income of P949.6 million was received from Melco Crown upon the commencement of its lease on Belle’s property to be used for the City of Dreams Manila integrated resort project.

Excluding the termination fee income last year, Belle said its gross revenue for the first nine months would have been 38 percent higher compared to last year’s P1.17 billion.

BELLE

BILLION

DREAMS MANILA

EARNINGS OF BELLE CORP

INCOME

LAST

LTD

MELCO CROWN

MELCO CROWN ENTERTAINMENT

YEAR

  • Latest
  • Trending
Latest
Latest
abtest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with