Sinophil swings to profit in June quarter

    Sinophil posted a profit in the three months to end June as gross revenue surged.
    The company had a profit of 1.22 billion pesos, compared with a loss of 4.1 million pesos in the year earlier quarter.
    Net income came in at 1.22 billion pesos ($28 million) compared with 199 pesos in the prior period.
    Belle Corp, Melco Crown’s partner in the City of Dreams, in June spun off its gaming assets into Sinophil, which up until that point had basically been a dormant holding company. As part of the deal, Belle said it would pay 9.11 billion pesos ($207.6 million) to subscribe for shares in Sinophil, which will use the proceeds to buy Belle’s 100 percent stake in Premium Leisure Amusements Inc (PLAI) and its 34.5 percent stake in Pacific Online Systems Corp.
    At the time, Belle said Sinophil would now be at the forefront of a “very profitable (based on the performance of the companies currently in the Philippine gaming market) industry.”