Philippine-listed Sinophil Corp posted a profit of PHP1.2 billion (US$27.6 million) in the six months to June 30, compared to a net loss of PHP5.6 million a year earlier, the company said in a filing on Friday.
“The higher net income in 2014 resulted from the net reversal of a provision for impairment of the investment in Legend International Resorts (HK) Ltd amounting to PHP1.2 billion…” Sinophil said.
Sinophil is changing its name to Premium Leisure Corp, a move included in the ongoing asset reorganisation by parent Belle Corp, which is a partner in the US$1.26 billion City of Dreams Manila casino resort in the Philippines capital.
The change was to become official after the annual stockholders’ meeting on Friday, but there was no reference to that in the earnings filing.
Earlier this month, Belle announced in a filing to the Manila bourse it would acquire all non-gaming assets from Sinophil and reorganise its gaming assets under the latter. That includes the injection of Belle’s 100 percent ownership of Premium Leisure and Amusement Inc, and its shares representing 34.5 percent of online lottery system provider Pacific Online Systems Corp into Sinophil.
The deals will be subject to approval by the shareholders, Sinophil said in Friday’s statement.
Premium Leisure and Amusement is part of the consortium that holds a gaming licence for casino resort City of Dreams Manila. The other partner is Melco Crown (Philippines) Resorts Corp, a subsidiary of Macau-based Melco Crown Entertainment Ltd.
Belle’s asset reorganisation is forecast to be completed on or about August this year.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract