Property

Belle swings to P238M loss in Q2 amid coronavirus

Belle profit down 8% to P3.2B

Leisure developer and gaming firm Belle Corp. swung to a loss of P238.48 million in the second quarter, a direct result of the devastating impact of the coronavirus pandemic.

This was a reversal of the P1.06 billion profit booked by the company in the same quarter a year ago.

Revenue plummeted to P586.3 million from P2.3 billion, largely due to the decline in gaming revenues from integrated resort, City of Dreams Manila, which shut down operations in compliance with the strict lockdown measures imposed by the government in mid-March to contain the spread of COVID-19.

From January to June, Belle’s earnings plunged 89% to P221.6 million, due mainly to the effects of Covid-19 and the Taal Volcano eruption in January. Consolidated revenues declined by 52% to P2.01 billion.

Belle’s share in the gaming revenue of CODM plunged by 87% to P248 million in the first half as gaming operations remained suspended.

Subsidiary Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office for their betting and Keno Operations, saw its revenue decline by 68% to P180.1 million.

Revenues from Belle’s real estate operations dived by 10% to P1.58 billion, of which P1.34 billion came from lease of the land and buildings comprising CODM to Melco Resorts and Entertainment (Philippines) Corp.

Belle’s real estate sales and property management activities at its Tagaytay Highlands complex likewise recorded a 42% decline in revenue to P243.8 million.

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