BELLE Corp., a subsidiary of SM Investments Corp., on Thursday reported a net income of P801 million for the first six months of 2025, down 9 percent from P882.4 million a year earlier as revenues declined across several business segments.
“Decline in revenues, partly cushioned by the drop in cost and expenses, resulted in a lower net income compared to 2024,” Belle said in a quarterly report.
Consolidated revenues stood at P2.47 billion, down 10 percent from P2.75 billion a year earlier, mainly due to a slowdown in real estate sales and a reduced share in gaming revenues from subsidiary Premium Leisure Corp.
Revenues from real estate operations declined 7 percent to P1.44 billion while sales and property management revenues from the Tagaytay Highlands complex slumped 32 percent to P267.1 million from P390.1 million.
Belle’s gaming revenue share from City of Dreams Manila, through Premium Leisure, dropped 18 percent to P772.3 million from P943 million.
Meanwhile, lease income from City of Dreams edged up by 1 percent to P1.18 billion and revenues from Pacific Online Systems Corp., which leases online lottery equipment to the Philippine Charity Sweepstakes Office, remained flat at P259 million.
Belle recorded a 17-percent drop in general and administrative expenses to P685.7 million, mainly due to general provisions booked the prior year.
Total costs and expenses dropped 13 percent to P1.4 billion, helping cushion the overall income decline.
Interest expenses were flat at P339.4 million while interest income fell 9 percent to P54.8 million.
Other income dropped to P4.5 million from P10.4 million while income before tax fell 7 percent to P841.3 million.
Total assets decreased by P1.23 billion to P56.24 billion as of end-June 2025 while total liabilities fell P692 million to P16.98 billion.
The company reported a 30 percent increase in cash and cash equivalents to P3.05 billion, mainly from revenue collections, while its total debt declined 3 percent to P7.47 billion.
Belle Corp. shares added 0.67 percent to close at P1.51 each on Thursday.
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