Real estate and gambling company Belle Corporation reported a 7% improvement in its consolidated net profit to P477 million in the first three months of 2022, from P447 million earned in the same period last year.
In a statement to the Philippine Stock Exchange, the company said the rise in profits was fueled by growth in its real estate operations.
“This was achieved despite the continued restrictions on business 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 income jumped 144% to 857 million pesos in the first quarter of 2022, compared to 351 million pesos in the same period of 2021.
Of the real estate revenue in 2022, 564 million pesos came from Belle’s leasing of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation (Melco), which was 179% higher than its revenue of the previous period of 202 million pesos.
Belle’s property sales and property management business at its Tagaytay Highlands resort generated revenue of 293 million pesos in the first quarter of 2022, 97% higher than revenues of 149 million pesos in the first quarter of 2021.
City of Dreams Manila’s gaming revenue share of Belle’s subsidiary Premium Leisure Corp. fell 20% to 344 million pesos in the first quarter of 2022, from 431 million pesos in the same period last year. latest.
Indeed, City of Dreams Manila was still facing substantial limitations due to the continuing Covid-19 pandemic which hampered its operations, including restrictions on inbound international tourism.
Pacific Online Systems Corporation, which leases online betting equipment from the Philippine Charity Sweepstakes Office for its lottery and keno operations, was also still operating under certain conditions.
Pacific Online, which is 50.1% owned by PLC, saw a 15% drop in revenue from 123 million pesos in the first quarter of 2021 to 104 million pesos for the current period.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO REGISTER