Philippines real estate firm Belle Corporation has reported a 61% year-on-year increase in consolidated revenues to Php2.82 billion (US$50.5 million) for the six months to 30 June 2022.
The improvement was primarily driven by income derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corporation, which grew 157% year-on-year to Php$1.04 billion (US$18.6 million). Consolidated revenue from the real estate segment was up 119% over the same period last year to Php1.63 billion (US$29.2 million).
However, Belle noted that “All of the company’s business units contributed to the growth in revenues, led primarily by higher lease income, better real estate sales and improved share in gaming revenues, achieved through more relaxed restrictions on commercial operations imposed by authorities as the market recovers from the impact of the pandemic.”
The company’s share of gaming revenues from City of Dreams Manila’s operations increased by 20% to Php970.6 million (US$17.4 million), while Pacific Online Systems Corporation (POSC) – which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations – also showed improvement. POSC, 50.1%-owned by Belle subsidiary Premium Leisure Corp, posted a 7% increase in revenue to Php218.9 million (US$3.9 million).
Belle’s net income for the first six months of 2022 was up 329% year-on-year to Php1.14 billion (US$20.4 million).