Belle Corporation announced its earnings for the first half of this year. Net income was PHP222m ($4.5m), an 89% drop from PHP2bn in 2019. Gaming revenue dropped significantly as well, falling 87% from PHP1.8bn last year to PHP248m ($5m).
Gross revenue over Q2 was PHP586m, a great drop compared to PHP2.3bn for the same period in 2019. Gross expense stands at PHP908m, much on the same level as the last year with PHP918m. After taxes, the group’s loss stands at PHP355m, whereas in 2019 the group had an income of PHP1.2bn. Gross revenue for the first six months of 2020 was PHP2bn, expenses standing at PHP1.6bn. It’s almost half of the revenue recorded in 2019 with PHP4.1bn.
The group stated the results were impacted by the COVID-19 virus. “The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on 16 March 2020 in compliance with government initiatives to contain the virus.”
Pacific Online, online betting equipment partly owned by Belle’s subsidiary, announced a 68% decrease in revenue, going from PHP559m to PHP180m for the first half of the year. The group’s real estate operations dropped by 10% in revenue as well, bringing in PHP1.6bn compared to PHP1.8bn in 2019.