Belle Corp. Reported a Loss Due to Taal Volcano Eruption

Due to pandemic restrictions and the Taal volcano eruption, LESSOR and City of Dreams Manila co-licensee Belle Corp. reported a net income of P891.7 million last year, declining nearly 70% from P2.92 billion previously.

The company said, “Belle’s positive operating result for 2020 was achieved in spite of economic headwinds caused by the COVID-19 (coronavirus disease 2019) pandemic, as well as by the Taal Volcano eruption in January 2020 that affected its real estate operations in Tagaytay City and Batangas,”

Total revenues also went down by 44% to P4.17 billion from P7.47 billion due to the pandemic.

Gaming operations at the City of Dreams Manila were temporarily suspended beginning March 16 to comply with government restrictions and was “substantially limited” for the rest of the year.

Share in gaming revenues of Belle subsidiary Premium Leisure Corp. (PLC) from the resort and casino fell by 79% to P635.2 million from P2.98 billion.

Belle Corp. shares at the stock exchange went down by 0.63% or P0.01 on Tuesday to close at P1.58 apiece.

To know more about Belle Corp.’s report, check out: https://www.bworldonline.com/belle-income-declines-70-on-pandemic-restrictions-taal-eruption/