Belle Corp posts 96 pct decline in Jan-Sept net income as virus disrupts businesses

ABS-CBN News

Posted at Oct 23 2020 05:54 PM

MANILA - Belle Corp said Friday its consolidated net income declined 96 percent in the first 9 months of 2020 compared to the same period in 2019 due to the disruptions caused by the COVID-19 pandemic.

Net income from January to September reached P93 million from P2.56 billion in the same period last year, Belle Corp said in a statement.

Consolidated revenue reached P2.91 billion for the period, down 50 percent versus the same comparative period in 2019.

Belle said its consolidated recurring net income of P680 million for 2020 was 75 percent lower compared to P2.76 billion for 2019.

"The decreases in revenues and profits resulted primarily from Covid-19 related developments," Belle Corp said.

Declining tourist arrivals was compounded by the temporary suspension of gaming operations at City of Dreams Manila, it said. 

Belle Corp said its primary growth driver, its share in the revenues at City of Dreams Manila, declined by 86 percent to P325 million for the first 9 months from P2.38 billion in the same period last year.

The pandemic also weakened results for Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office.

Its real estate operations recorded a decline as well in revenues for the period.

Belle Corp has interests in tourism and leisure, real estate, leasing, and shares in revenues in gaming operations, among others.