Real estate and gaming firm Belle Corporation posted a 7 percent improvement in consolidated net income to P477 million in the first three months of 2022 from the P447 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said the higher profit was fueled by growth in its real estate operations.
“This was achieved despite ongoing restrictions on commercial operations imposed by authorities to help control the effects of the pandemic, which negatively impacted gaming operations at City of Dreams Manila,” Belle said.
Real estate revenues jumped 144 percent to P857 million in the first quarter of 2022 from P351 million in the same period of 2021.
Of real estate revenues in 2022, P564 million were derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation (Melco), which were 179 percent higher than its revenues in the prior period of P202 million.
Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of P293 million in the first quarter of 2022, 97 percent higher than revenues of P149 million in the first quarter of 2021.
The share in the gaming revenues at City of Dreams Manila of Belle’s subsidiary Premium Leisure Corp. decreased by 20 percent to P344 million in the first quarter of 2022 from P431 million in the in the same period last year.
This is as City of Dreams Manila still faced substantial limitations due to the continuing Covid-19 pandemic that hampered its operations, including restrictions in inbound international tourism.
Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations, was also still operating under limitations.
Pacific Online, which is 50.1 percent-owned by PLC, posted a 15 percent decrease in revenues, from P123 million in the first quarter of 2021 to P104 million in the current period.