Philippines real estate firm Belle Corporation reported a 58% year-on-year increase in revenue to Php5.42 billion (US$98.5 million) in 2022, boosted by its share in gaming revenues at City of Dreams Manila and from the lease of land to the IR’s operator Melco Resorts.
According to the company’s full year financial results, published Wednesday, Belle Corp’s share in GGR climbed by 20% to Php1.56 billion (US$28.3 million) in 2022, while lease income from City of Dreams Manila climbed 154% to Php2.05 billion (US$37.2 million).
Together they comprised 67% of group-wide revenue for the year.
Elsewhere, Belle Corp reported a 22% increase in revenues from its 50.1%-owned subsidiary Pacific Online Systems Corporation (POSC) which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations. POSC revenues reached Php519.1 million (US$9.4 million).
As a result of these rising revenues, consolidated net income for the year improved by 130% to Php1.71 billion (US$31.1 million).
Jackson Ongsip, Belle Corp’s President and CEO, said the company “built on the opportunities presented given the improving COVID-19 situation in the Philippines and around the world and the full economic reopening to deliver stellar results and continue our shared recovery.”
Belle Corp has approved a regular cash dividend of Php0.06 per share, representing total payments of Php600 million (US$10.9 million) and payable on 30 March 2023.
