Belle nets P2.18 billion in 9 months

MANILA, Philippines — Belle Corp., the high end property developer of the Sy Group, reported a net income of P2.18 billion in the nine months to September this year.

This was 18 percent lower than the P2.66 billion posted a year ago.

Revenue also declined 11 percent to P5.77 billion from P6.46 billion during the nine-month period.

Belle said the slower business of its gaming unit Pacific Online Systems Corp. dragged down growth.

“Although Belle continued to experience growth at City of Dreams Manila, its overall operating performance was affected by weaker results at Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations,” Belle said in a regulatory filing.

Pacific Online, which is 50.1 percent-owned by Belle’s subsidiary Premium Leisure Corp. (PLC), registered a 51 percent drop in revenue to P766 million from P1.56 billion in 2018.

This was due to competition from the small town lottery and the temporary suspension of lottery and keno operations by the PCSO during the third quarter of 2019.

The suspension has been lifted and Pacific Online is now working closely with the PCSO and its network of agents to boost the attractiveness of the pari-mutuel games it offers, and is working to implement cost efficiency measures across its operations.

Meanwhile, Belle’s real estate operations grew four percent in terms of revenue to P2.63 billion from P2.52 billion last year.

Of the amount, P2 billion came from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp. which was a 16 percent improvement over 2018.

Belle’s real estate sales and property management activities in its Tagaytay Highlands complex contributed the balance of P624 million during the period.

The Sy-owned Belle is a developer of tourism and leisure destinations in the Philippines.

Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco.