Belle Corp. of the Sy Group said Friday net income in the first half of the year declined 11 percent to P1.73 billion from P1.95 billion year-on-year on lower revenues from lottery operations.
Belle said in a disclosure to the stock exchange first-half consolidated revenues fell seven percent to P4.2 billion from P4.52 billion on year.
Belle continued to experience growth at City of Dreams Manila, but the overall operating performance was affected by weaker results at Pacific Online Systems Corp., which leases online betting equipment to the Philippine Charity Sweepstakes Office for lottery and keno operations.
Belle’s gaming-focused subsidiary, Premium Leisure Corp., registered a nine-percent increase in its share in the gaming earnings of City of Dreams Manila to P1.88 billion in the first half of 2019 from P1.73 billion on year.
POSC, meanwhile,, posted a 49-percent decrease in first half revenues to P559 million from P1.09 billion a year ago largely to competition from small town lottery.
“Pacific Online is working closely with the PCSO and its network of agents to boost the attractiveness of the pari-mutuel games it offers, and is working to implement cost efficiency measures across its operations,” Belle said.
POSC in a separate disclosure to the stock exchange said it was in the advanced stage of negotiations with PCSO for the further extension of the equipment lease agreement with PCSO, which is set to expire on July 31, 2019.
“We will advise the Exchange of the final terms of the agreement with PCSO as soon as we are able to execute the same,” POSC said.
Belle’s real estate operations, meanwhile, saw a four-percent increase in first half revenues to P1.75 billion from P1.69 billion on year.
Belle is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila located within Pagcor Entertainment City, which is being leased on a long-term basis to Macau-based Melco Resorts Corp.