Belle Corp. reported profits of P2.18 billion for the first nine months of the year, 18 percent lower than last year’s P2.66 billion.
Consolidated revenues dropped 11 percent to P5.77 billion from P6.46 billion a year ago.
“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.
Pacific Online, which is 50.1 percent owned by Belle’s subsidiary Premium Leisure Corp. (PLC), reported revenues of P766 million, down 51 percent from P1.56 billion last year.
The revenue decline was due to competition from the small town lottery and the temporary suspension of lottery and keno operations by the PCSO in the third quarter of the year, Belle said.
“With the suspensions since lifted, Pacific Online is working closely with the PCSO and its network of agents to boost the attractiveness of the games it offers, and is working to implement cost efficiency measures across its operations,” the company said.
“PLC registered a P2.38 billion share in gaming earnings of City of Dreams Manila for the first nine months of 2019, which was unchanged from the same period in 2018,” it added.
Belle’s real estate operations meanwhile saw topline hit P2.63 billion, up 4 percent from P2.52 billion last year.
“Of real estate revenues so far in 2019, P2.0 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,” the company said.
Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed the balance of P624 million.