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MANILA, Philippines – Rental payments from Melco Crown Resorts Philippines Corp. boosted the net income of Henry Sy-controlled upscale property developer and gaming company Belle Corp. by 1,382% to P777.7 million in the first 3 months of 2013.
In a disclosure to the Philippine Stock Exchange on Wednesday, April 24, Belle said the amount was 15 times higher than its net income of P52.5 million in the first quarter of 2012.
The company posted gross revenues of P1.18 billion compared to P96.9 million in the first quarter of 2012. Melco’s rental payments amounted to P1.03 billion. The payments were for the $1-billion casino resort that the companies are building inside Pagcor’s Entertainment City along Manila Bay.
Other contributors to Belle’s growth were revenues from real estate sales (P28.2-M) and other revenues (P23.7-M).
Belle CFO and Executive Vice President Manuel Gana earlier said the first-quarter results were not only “fantastic” but also “set the trend for the next year.”
In 2012, Belle’s net income almost tripled to P556 million from P200 million in 2011. – Rappler.com
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