Belle Corp net profit up 11 percent on COD Manila gains

Philippine-listed Belle Corp grew its net profit by 11 percent year-on-year in 18H1, reaching P1.96 million, according to its Friday results filing.

Excluding capital gains from sales of non-core investments and extraordinary items, Belle’s recurring net income was P2.1 billion in 18H1, representing a 26 percent year-on-year increase from 17H1.

Belle said its increase in net profit was mainly attributed to increased earnings from City of Dreams Manila, the property in which it shares an operating agreement with Melco through its gaming subsidiary Premium Leisure Corp.

EBITDA from its income share in the gaming operations of City of Dreams Manila increased 42 percent to P1.3 billion in 18H1.