Leisure estate and gaming company Belle Corporation reported its net income for the first half of 2015 is 50 percent lower than in 2014 due to non-recurring gains that it enjoyed last year.

Belle Corporation’s net income suffered a 50 percent fall for the first half of 2015.

In a disclosure to the Philippine Stock Exchange, the Philippine-listed company said its net income for the first six months of the year was at P836.5 million ($18.29 million). This amount is 50 percent lower than the P1.66 billion ($36.3 million) net income posted in the same period last year.

Belle attributed the drop to the one-time gains that it enjoyed in 2014. According to the company, the non-recurring items from last year amounted to P1.25 billion ($27.43 million) that it earned from the P30.7 million ($673,762) after-tax gain from the redemption of the SM Investment Corporation’s—its parent company—retail bonds in August 2014, and the reversal of investment loss reserves of its subsidiary, Premium Leisure Corp (PLC), amounting to P1.219 billion ($26.75 million).