LISTED real estate developer and gaming operator Belle Corp. logged a 20% increase in its net income for nine months to September due to the improved operation of its gaming business units.
In a regulatory filing, Belle said its net income climbed to P1.97 billion for the January-September period from P1.64 billion in the same period a year ago.
“This increase in bottomline figures is mainly attributable to the improved operation of the group’s gaming business units for the period,” Belle said.
Its consolidated revenues as of the third quarter climbed 1% to P4.30 billion from P4.27 billion last year amid gaming revenues’ higher share.
“The increase in revenues was mainly brought about by the improvements in the group’s gaming business units due to a more open economy in 2023 and the lifting of quarantine and capacity restrictions as the coronavirus disease 2019 (COVID-19) situation in the country became more controlled and manageable,” the company said.
According to Belle, revenues from the share of subsidiary Premium Leisure Corp. (PLC) in the gaming earnings of City of Dreams Manila increased 24% to P1.8 billion.
However, revenues from the lease of the land and buildings of the City of Dreams Manila integrated resort and casino complex fell 4% to P1.5 billion.
Belle also said that revenues from Pacific Online Systems Corp. increased 40% to P502.4 million from P358.1 million last year.
Pacific Online, which is 50.1%-owned by PLC, leases online betting equipment to the Philippine Charity Sweepstakes Office for lottery operations.
“Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of P500.1 million as of third quarter of 2023, which was P406.4 million lower than its revenues as of the third quarter of 2022 of P906.5 million,” the company said.
Belle is among the portfolio investments of Sy-led holding firm SM Investments Corp., which also has a stake in mining firm Atlas Consolidated Mining and Development Corp., local bakeshop Goldilocks, and Philippine Geothermal Production Co.
On Oct. 27, Belle shares at the local bourse closed unchanged at P1.15 apiece. — Revin Mikhael D. Ochave