PREMIUM Leisure Corp. (PLC), formerly Sinophil Corp., said it posted a consolidated net income of P1.34 billion in 2014 after the SM Group positioned it as a gaming company.
In 2014 PLC underwent a corporate reorganization with its parent company, Belle Corp., which repositioned PLC as a gaming-focused investment company. PLC acquired Premium Leisure and Amusement Inc. and a 34.5-percent stake in Pacific Online Systems Corp. from Belle.
Company officials earlier said the company, which has no operations during the last few years but has assets, will give more dividends to its shareholders as part of its reorganization.
PLC’s board approved on March 5 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 amount of cash dividend is approximately 94.63 percent of 2014 unrestricted retained earnings.
Premium Leisure and Amusement is a co-licensee in City of Dreams Manila, the integrated resort and casino project within the Entertainment City, and has a share in the gaming revenues of this project.
City of Dreams Manila is built in partnership with MCE Leisure, a wholly owned indirect subsidiary of Melco Crown Philippines.
Meanwhile, Pacific Online is engaged in the development, design, and management of lottery software and terminals for its principal client, state-run Philippine Charity Sweepstakes Office.
VG Cabuag