MANILA, Philippines — Belle Corp., the listed upscale developer of the Sy Group, posted a net income of P700 million in the first quarter, down 18 percent.
Consolidated revenue fell six percent to P1.9 billion.
Belle said it continued to experience growth at City of Dreams Manila, the integrated resort in Paranaque but its overall performance was affected by weaker results of Pacific Online Systems Corp.
Pacific Online leases online betting equipment to the Philippine Charity Sweepstakes Office (PCSO) for their lottery operations.
It is a 50.1 percent-owned subsidiary of Premium Leisure Corp., Belle’s gaming subsidiary.
Pacific Online reported a 48 percent decrease in revenue to P294 million, due largely to competition from small town lottery.
The company 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.
PLC itself registered a nine percent increase in its share in the gaming earnings of City of Dreams Manila to P725 million for the first quarter.