Philippines’ Belle Corporation has announced its revenue report for the first half of 2024.
The company confirmed net revenue of PHP882.4m (US$15.4m), a 33% year-on-year decrease of PHP427.2m when compared to its 2023 net revenue, reported at PHP1,309.6m. Consolidated revenue was at PHP2,729.4m, down 6%.
Belle Corp saw a slight increase in its lease income, with PHP1,160m in 2024, as well as an increase in sales of real estate and property management revenue.
Its gaming revenue, however, saw a 24% decrease at PHP943m in 2024. This included the share of gaming revenue from Belle’s subsidiary, Premium Leisure Corp, which partnered with Melco in City of Dreams Manila.
Part of the decrease could be attributed to high expenses that included general administrative expenses, property management services and gaming operations maintenance. All expenses sum up to PHP1,600m, plus PHP339m of interest and other financial expenses; almost 70% of the company's total gross revenue, which was at PHP2,729m.
In the meantime, Belle Corp Chief Financial Officer (CFO) and Treasurer Maria Neriza C. Banaria has handed in her resignation, effective 14 August 2024. Aileen M. Malto has been appointed as Banaria’s replacement, effective 15 August 2024.
Malto was the CFO of SteelAsia Manufacturing Corporation and St. Luke’s Medical Center before her current post. She is a Certified Public Accountant with an extensive career in finance for over two decades.
Earlier in July, Belle Corp announced that its subsidiary Premium Leisure has applied for a new casino licence for Clark City.
