Melco Crown Entertainment Ltd.'s (MPEL) first-quarter GAAP net income attributable to the company jumped to $122.1 million or $0.221 per ADS from $7.2 million, or $0.013 per ADS last year, as a result of the enhanced gaming and non-gaming operating performance at City of Dreams, reduced non-operating expenses, including lower net interest costs, partially offset by the amortization of land use right at Studio City and higher fixed asset depreciation across all operating assets. Quarterly net income per share was $0.074, significantly higher than $0.004 a year earlier.
On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.17 for the quarter. Analysts' estimates typically exclude one-time items.
Net loss attributable to non-controlling interests for the quarter of $3.6 million was related to Studio City, the company added.
Net revenue for the recent quarter was $1.03 billion, an increase of around 27% from $806.6 million for the comparable period in 2011, mainly attributable to improvements in the mass market table games segment, as well as improvements in rolling chip and non-gaming revenues at City of Dreams. Six analysts estimated revenues of $1.02 billion for the quarter.
by RTT Staff Writer
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