Belle Corp. reported on Thursday that its consolidated net income plunged by 96 percent to P93 million in the first nine months of the year from P2.56 billion year-on-year as the coronavirus pandemic continued to hamper its operations.
In a filing, the listed property developer said its consolidated revenues also fell by half to P2.91 billion from P5.77 billion in January to September 2019.
It blamed the drop on the decline in tourist arrivals prior to the implementation of quarantine measures to curb the spread of the coronavirus, which prompted the suspension of gaming operations.
Belle’s share in the gaming revenues of integrated resort and casino City of Dreams Manila plummeted by 86 percent to P325 million in the first three quarters from P2.38 billion year-on-year.
The pandemic also affected Pacific Online Systems Corp., which leases online betting equipment for the lottery and keno operations to the Philippine Charity Sweepstakes Office.
Belle subsidiary Premium Leisure Corp. owns 50.1 percent of Pacific Online. Belle shares climbed by 7 centavos or 5 percent to close at P1.47 apiece on Thursday.
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Article and Photo originally posted by Manila Times last October 23, 2020 and written by Faye Almazan.
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