Belle’s net profit falls 31% to P577m
by Manila Standard BusinessBelle Corp. said Friday consolidated net income dropped 31 percent in the first quarter to P577 million from P835 million a year ago.
It said consolidated revenues went down by 25 percent in the three-month period to P1.42 billion from P1.89 billion in the same period last year.
“The decreases in revenues and profits resulted primarily from Covid-19 related developments. 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,” Belle said.
Belle said its primary growth driver, the share in the gaming revenues at City of Dreams Manila, reached P445 million in the first quarter, down by 39 percent from P725 million in the first quarter of 2019. City of Dreams Manila is using this time to prioritize the health of its employees, to establish protocols that ensure a safe working and recreational environment and to support the government in keeping people safe and restarting the economy, it said.