Belle Corp. a developer of tourism and leisure destinations in the Philippines with principal asset City of Dreams Manila said Thursday that the company’s net income fell 96 percent first nine months to P93 million from P2.56 billion in the same period last year on lower revenues from gaming and real estate businesses.
Belle said in a disclosure to the stock exchange consolidated revenues fell 50 percent to P2.91 billion from P5.7 billion as the pandemic affected the group’s gaming and real estate businesses.
Excluding extraordinary and non-recurring items, Belle’s consolidated recurring net income of P680 million was 75 percent lower than the comparable figure of P2.67 billion a year ago.
“The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16, 2020 in compliance with government initiatives to contain the virus,” Belle said.
Belle’s primary growth driver, its share in the gaming revenues at City of Dreams Manila, declined by 86 percent to P325 million from P2.38 billion in the first nine months of 2019 as gaming operations were either suspended or substantially limited from mid-March through September 2020.
Gaming revenues from the integrated resort and casino — the primary growth driver of Belle — dropped 86% to P324.8 million during the nine-month period.
Aside from the impact on City of Dreams Manila, the coronavirus pandemic has weighed on Belle’s 50.1%-owned Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office. The company reported a 71% revenue decline to P221.3 million.
Revenues from real estate likewise slid 10% to P2.37 billion because of lower sales from the company’s properties in Tagaytay. Shares in Belle at the stock exchange closed at P1.47 each on Thursday, up seven centavos, or 5% from the previous trading day.
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