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.