Philippines real estate firm Belle Corp has reported a 21% year-on-year decline in revenue to Php2.91 billion (US$57.6 million) for the nine months to 30 September 2021, including revenue of just Php370 million (US$7.3 million) in the September quarter.
However, net income grew by 84% compared to the same period in 2020, aided by significantly reduced income taxes and lower interest expense. Net income for the first nine months of 2021 was Php693.5 million (US$13.7 million), which included a loss of Php664 million (US$13.1 million) in the September quarter.
Belle Corp, owner of the land and buildings that comprise City of Dreams Manila, earns a share of gaming revenues from the integrated resort plus additional rental income as part of the deal that allows Melco Resorts (Philippines) to use the land.
The company said that its share in gaming revenues from City of Dreams Manila has grown by almost 200% through September to Php967.2 million (US$19.1 million) although recent months have been impacted by the “continuing effects of the COVID-19 pandemic on the company’s real estate lease revenue.”
That real estate revenue fell 57% year-on-year to Php1.02 billion (US$20.2 million), with revenue from the leasing of land to Melco down 76% to Php469.5 million (US$9.3 million).
Pacific Online Systems Corporation, the subsidiary that leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery and keno operations, posted a 37% increase in revenues to Php302.3 million (US$6.0 million).
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