Melco International Development Profit Falls 5%


Mar - 31 | By: a2zMacau | no comments.

Filed under : City of Dreams, Lawrence Ho, Melco Crown

Ahead of it’s City of Dreams Topping-out Ceremony on 1 April 2008 at 12.10pm, comes the the news that casino operator Melco International Development Ltd. said Monday that its 2007 net profit fell 5 percent because of a one-off gain in the previous year.

The Hong Kong-listed company said its net profit in the 12 months ended Dec. 31 was HK$2.69 billion (US$346 million; ?219 million), down from HK$2.84 billion in 2006.

Melco ? controlled by Lawrence Ho, son of Macau gaming magnate Stanley Ho said revenue rose 27 percent to HK$1.02 billion (US$131 million; ?83 million) from HK$801 million.

The company’s board proposed a final dividend of HK$0.01 (US$0.001; ?0.0008) per share, unchanged from a year earlier.

Melco booked a gain of HK$3.1 billion (US$398 million; ?252 million) from the listing of unit Melco PBL Entertainment Macau Ltd. (MPEL) in the U.S. in December 2006.

Melco PBL is one of six licensed casino operators in Macau, the only place in China where casino gambling is allowed.

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