MANILA, Philippines – The net income of Sy-led Belle Corporation for the first half of 2019 dropped by 11% year-on-year to P1.73 billion, dragged down by the poor performance of a subsidiary which rents online betting equipment.
In a disclosure on Friday, July 26, Belle Corporation said its operating performance was affected by the Pacific Online System Corporation's 49% year-on-year drop in revenues, leading to a 7% year-on-year decline to P4.2 billion for the parent firm.
Pacific Online rents equipment to the Philippine Charity Sweepstakes Office, for PSCO's lottery and Keno operations. (READ: FAST FACTS: SM Investments Corporation)
"This was due largely to competition from the small town lottery," the company said in its regulatory filing.
"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," it added.
Pacific Online is under Premium Leisure Corporation (PLC), which owns 50.1% of the subsidiary. The City of Dreams Manila, which is also under PLC, saw a 9% increase in gaming earnings to P1.88 billion from P1.73 billion in the same period last year.
Revenues from real estate operations saw the least growth at 4% year-on-year to P1.75 billion, where P1.33 billion of the total revenues came from land leases. The remaining P420 million came from property sales and management activities at the Tagaytay Highlands complex. – Rappler.com