Belle Corporation posts 7% higher net income on strong real estate growth

PSE-listed Belle Corporation announced that it has realized a consolidated net income of P477 million for the three months ended March 31, 2022, which was 7% higher than its consolidated net income of P447 million for the three months ended March 31, 2021.

The company said its real estate revenues increased by 144%, from P351 million in the first quarter of 2021 to P857 million in the first quarter of 2022.

The share in the gaming revenues at City of Dreams Manila of Belle’s subsidiary Premium Leisure Corp decreased by 20%, from P431 million in the first quarter of 2021 to P344 million in the first quarter of 2022.

Pacific Online, which is 50.1%-owned by PLC, posted a 15% decrease in revenues, from P123 million in the 2021 period to P104 million in the current period.

Belle Corporation (BEL) was originally incorporated in 1973 as Belle Mining and Oil Exploration, Incorporated (Belle Resources). In 1989, Belle Resources developed a golf club named Tagaytay Highlands International Golf Club, Incorporated, which became its initial foray into the property development sector.

Thereafter, Belle Resources changed its name to the present one in 1994 to underscore the shift in its principal activity. The business of BEL, through subsidiaries and associates, include mainly real estate development, principally in the high-end leisure property market, gaming and various investment holdings. – PhilippinesToday.ph

 

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