Sinophil Corp., the listed gaming unit of Belle Corp., multiplied its net losses in the first half of the year following its share swap agreement with Belle, Metroplex Group and Legend International Resorts (Hong Kong) Ltd. (LIR-HK).
Sinophil’s consolidated net loss surged to P1.217 billion in the first semester of 2014 from P5.6 million a year earlier due to impairment in its investments in LIR-HK, as well as the cancellation of 1 billion Sinophil shares held by Metroplex as the swap agreement canceled out “all obligations and reversing all transactions” signed by the four companies.
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