BELLE Corp. on Monday reported a 13-percent increase in consolidated net income to P524 million for the first quarter, a result it said was driven by higher gaming and real estate revenues.
In a disclosure, the company said total revenues rose 9 percent to P1.42 billion, with core operations having stayed strong, led by improved earnings from its gaming interests at City of Dreams Manila.
Belle said its share in gaming revenues through subsidiary Premium Leisure Corp., via PremiumLeisure and Amusement Inc., grew by 12 percent to P486 million, while revenue from land and building lease at the integrated resort was steady at P588 million.
Real estate operations also contributed to growth, with revenues from Tagaytay Highlands rising 57 percent to P143 million while income from distribution utilities in the estate increased by 18 percent to P72 million.
Meanwhile, Pacific Online Systems Corp., which is 50.1-percent owned by Premium Leisure, posted stable revenues of P129 million for the period.
The company said the first-quarter performance reflected continued strength across its gaming and property segments, supporting overall earnings growth during the period.
Belle Corp. shares on Monday dropped P0.03, or 2.29 percent, to close at P1.28 each.
NAZYLEN JOY MABANGLO
