Premium Leisure Corp posts P1.34-B net income for 2014

ABS-CBN News

Posted at Mar 06 2015 03:00 PM | Updated as of Mar 06 2015 11:00 PM

MANILA – Premium Leisure Corp. (PLC), one of the partners in casino-resort complex City of Dreams Manila, posted a consolidated net income of P1.34 billion in 2014.

PLC, formerly Sinophil Corp., underwent a corporate reorganization with Sy-led Belle Corporation in 2014 that repositioned PLC as a gaming-focused investment company through the acquisition of Premium Leisure and Amusement, Inc. (PLAI), and a 34.5 percent stake in Pacific Online Systems Corporation (POSC) from Belle Corporation.

PLC partnered with Melco Crown (Philippines) Resorts Corp. for the development of City of Dreams Manila, which officially opened last month.

City of Dreams Manila is one of the four integrated resort and casinos licensed to operate in Entertainment City in Parañaque.

PLC said its board of directors has also 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, payable on April 17, 2015 to shareholders of record as of March 20, 2015.

The amount of cash dividend is approximately 94.63 percent of 2014 unrestricted retained earnings, based on PLC parent company audited financial statements.

PLC said its annual stockholders' meeting will be held on April 27, 2015 at the SMX Convention Center, Mall of Asia Complex, Pasay City, Metro Manila.