Belle Corp. of the Sy Group registered a consolidated net profit of P2.18 billion in the first nine months of 2019, down 18 percent from P2.66 billion year-on-year, on lower contribution from unit Pacific Online Systems Corp.
Belle said in a disclosure to the stock exchange nine-month revenues fell 11 percent to P6.46 billion on year.
It said overall revenues were pulled down by weaker results of POSC, which leases online betting equipment to state-owned Philippine Charity Sweepstakes Office for their lottery and keno operations.
POSC, which is 51 percent owned by Belle’s unit Premuim Leisure Corp., registered a 51-percent decline in revenues to P766 million from P1.56 billion.
“This was due to the competition from small town lottery and the temporary suspension of lottery and keno operations by PCSO in the third quarter of 2019,” Belle said.
“With the suspension since lifted, Pacific Online is working closely with PCSP and its network of agents to boost the attractiveness of the pari-mutuel games it offers and is also working to implement cost efficiency measures across its operations,” it added.
Real estate operations, meanwhile, remain stable. Real estate sales registered a 4-percent increase in the first nine months of the year to P2.63 billion from P2.52 billion a year ago.
About P2 billion of the sales came from leases of land and buildings comprising of City of Dream Manila to Melco Resorts and Entertainment (Philippines) Corp.
Share price of Belle on Friday gained 1 percent to P2. Jenniffer B. Austria