Belle Announces Board of Directors for 2022-2023
Belle Corporation’s Board of Directors for 2022-2023 Belle Corporation (Belle) announced the election of its Board of Directors for 2022-2023 during the Company’s Annual Shareholders’ Meeting, which was livestreamed on April 28, 2022. Belle’s current Board of Directors are comprised of Willy Ocier, Elizabeth Anne Uychaco, Jacinto Ng, Jr., Virginia Yap, Jaime Bautista, Maria Gracia Tan and Amando Tetangco, Jr. Also joining the Board are Jackson Ongsip, Belle’s new President and Chief Executive Officer, and Armin Antonio Raquel Santos. During the meeting, Manuel Gana, Belle’s former President and Chief Executive Officer, said that the ”Company recorded its twentieth consecutive year of profitability in 2021, in spite of the lingering effects of the COVID-19 pandemic and resulting economic impact.” The full text of Mr. Gana’s report can be accessed below: Good afternoon to our dear Shareholders, Stakeholders and Guests. Thank you for joining the livestream of Belle Corporation’s 2022 Annual Shareholders’ Meeting. I am pleased to report that our Company recorded its twentieth consecutive year of profitability in 2021, in spite of the lingering effects of the COVID-19 pandemic and resulting economic impact. The premium consumer, leisure and tourism markets were hit hard by pandemic-related restrictions during 2020-2021, including the shutdown of inbound travel from other countries. However, real estate sales have been fairly healthy, and we expect a quick rebound in domestic consumer markets with the further relaxation of quarantine measures in 2022. As the economy gradually re-opened, we continued to put the health and safety of all stakeholders atop our COVID-19 response. We implemented vaccination programs for employees and qualified dependents. Across our areas of operations, we maintained stringent safety protocols for the peace of mind of our customers, residents, club members and business partners. FINANCIAL REVIEW Belle realized Php 745 million in consolidated net income in 2021, led by the growth in integrated resort operations at City of Dreams Manila. Our share in the gaming revenues at City of Dreams Manila, through Belle’s subsidiary Premium Leisure Corporation, more than doubled to Php1.3 billion from Php 635 million in 2020. Pacific Online Systems Corporation, a subsidiary of Premium Leisure Corporation which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations, also began recovering in 2021, even while still operating under restrictions on commercial operations. Pacific Online revenues of Php 426 million in 2021 were 30% higher than its revenues for 2020. Our Corporation’s real estate operations recorded Php 1.7 billion in revenues for 2021, which declined by 47% from 2020 due to concessions granted on the lease of land and buildings comprising City of Dreams Manila to our operating partners, Melco Resorts and Entertainment (Philippines) Corporation. However, our real estate sales and property management activities in our Tagaytay Highlands and Tagaytay Midlands complexes experienced significant growth in 2021, contributing revenues of Php 886 million which were 62% higher compared to 2020. Belle’s balance sheet remains solid, with our current ratio at almost 3 times and our debt to equity ratio at only […]
