Belle Q1 net income down 31%

LISTED Belle Corp. registered a 31- percent decline in its first- quarter net income to P577 million from P835 million in the same period last year.

In a filing on Friday, the real estate company said its consolidated revenues also dropped to P1.42 billion in the three months ending March, down 25 percent from P1.89 billion year- on- year.

It largely attributed the double- digit decrease to the impact of the coronavirus disease 2019 (Covid

19) pandemic, which adversely affected economic activities.

“The effects of the pandemic began with declining tourist arrivals prior to the implementation of the enhanced community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16, 2020 in compliance with government initiatives to contain the virus,” it said in the filing.

Belle’s share in the gaming revenues of City of Dreams Manila, which serves as its primary growth driver, slumped by 39 percent to P445 million from P725 million year- on- year.

Its real estate operations’ revenues also decreased by 8 percent to P754 million in the quarter from P822 million in the same period last year.

“Of real estate revenues in 2020, P668 million came from Belle’s lease of the land and buildings comprising City of Dreams

Manila to Melco Resorts and Entertainment Corp., which was essentially unchanged from 2019,” the company said.

Meanwhile, real estate sales and property management activities at its Tagaytay Highlands complex also went down by 44 percent to P86 million, affected by the eruption of Taal Volcano on January 12.

Belle shares inched up by 4 centavos or 3.05 percent to close at P1.35 apiece on Friday.

FAYE ALMAZAN