Net income of leisure estate and gaming company Belle Corporation dropped by 39 percent in the first nine months of 2015, due to one-off revenues from the previous year.

The company said its profit fell to P1.14 billion ($23.4 million) for the period ending in September from P1.86 billion ($39.69 million) in the same period in 2014. Belle, however, was quick to point out that last year’s figures included a P1.2 billion ($25.61 million) accounting for the probable losses of its unit Premium Leisure Corp. (PLC).

Without the adjustment, Belle chief finance officer Manuel Gana said the company’s profit is about 80 percent higher than last year’s recurring net income of P631.1 million ($13.47 million).

“The company’s operating growth in 2015 was attributable to higher revenue from its lease of the City of Dreams Manila property to Philippine entities controlled by Melco Crown Entertainment Limited (MCE), higher income from sales of real estate and increased income contributed by its listed subsidiaries—PLC and Pacific Online Systems Corp.,” Gana said in a statement.