Belle unit turns profitable

MANILA, Philippines - Premier Leisure Corp. (PLC), formerly known as Sinophil Corp., returned to profitability last year following its shift to a gaming-focused investment company.

After suffering an P8.73-million net loss in 2013, PLC said yesterday it posted a consolidated net income of P1.34 billion last year.

The company underwent a corporate reorganization last year with its parent firm – Henry Sy-led Belle Corp. – that repositioned PLC as a gaming-focused investment company.

The restructuring coincided with PLC’s acquisition of Premium Leisure and Amusement, Inc. (PLAI) and a 34.5- percent stake in Pacific Online Systems Corp. from Belle.

PLAI has a share in the gaming revenues and is a co-licensee in City of Dreams Manila, the integrated resort and casino project within Entertainment City.

City of Dreams Manila, which started operations on Dec. 14 last year, was built in partnership with MCE Leisure, a wholly-owned indirect subsidiary of Melco Crown Philippines.

Pacific Online, meanwhile, is engaged in the development, design, and management of lottery software and terminals for its principal client, state-run Philippine Charity Sweepstakes Office (PCSO).

With the earnings last year, PLC also announced that its board of directors approved the declaration of cash dividends of P0.022 per share, for a total cash dividend payment to its common shareholders of approximately P700 million.

The dividends are payable on April 17, 2015 to shareholders of record as of March 20, 2015, PLC said.