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Belle profits surge 239% to P1.64 B

Leisure developer Belle Corporation posted 239 surge in consolidated net income to P1.64 billion for the first nine months of 2022 from P482.1 million in the same period last year for the nine months ended September 30, 2021.

In a disclosure to the Philippine Stock Exchange, the firm said higher earnings were due to stronger revenues which were driven by higher lease income and real estate sales.

Gaming-related revenues (gaming revenue share and betting equipment rental) also increased year on year, brought about by the continuously progressing economy.

Consolidated revenues jumped 87 percent to P4.27 billion for the nine months of 2022 from the P2.29 billion registered for the same period of 2021 as the Company’s performance continues gaining ground.

Revenues from the lease of the land and buildings comprising City of Dreams Manila (CODM) to Melco Resorts and Entertainment (Philippines) Corporation soared 232 percent to P1.56 billion for the first nine months of 2022 from P469.5 million in the same period last year.

The share in gaming revenue at CODM of Belle’s subsidiary Premium Leisure Corporation increased by 50 percent to P1.45 billion in the first nine months this year from P967.2 million in the comparative period of 2021.

Revenues from Belle’s real estate sales and property management activities at its Tagaytay Highlands complex hiked 65 percent to P906.5 million from P549.1 million in 2021.

Pacific Online Systems Corporation, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations, also showed improvement during the period despite the nonrenewal of KENO operations effective April 1, 2022.

Pacific Online, which is 50.1 percent-owned by PLC, posted an 18 percent increase in revenue to P358.1 million in the current period from P302.3 million in the 2021 period.

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The article was originally published in Manila Bulletin and written by James A. Loyola.

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