Melco Crown Entertainment Limited (MPEL) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $43.28 million, or $ 0.03 a share in the quarter, against a net loss of $12.34 million, or $0.01 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $63.16 million, or $0.04 a share compared with $46.68 million or $0.03 a share, a year ago. Revenue during the quarter grew 12.75 percent to $1,192.88 million from $1,058.03 million in the previous year period. Gross margin for the quarter expanded 304 basis points over the previous year period to 32.54 percent. Operating margin for the quarter period stood at positive 9.72 percent as compared to a negative 1.69 percent for the previous year period.
Operating income for the quarter was $115.97 million, compared with an operating loss of $17.83 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $272.21 million compared with $208 million in the prior year period. At the same time, adjusted EBITDA margin improved 316 basis points in the quarter to 22.82 percent from 19.66 percent in the last year period.
Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “We delivered a strong set of results in the fourth quarter of 2016, highlighted by record mass table gross gaming revenues in Macau and a 29% year-on-year increase in group-wide Adjusted property EBITDA.
Debt comes down marginally
Melco Crown Entertainment Limited has recorded a decline in total debt over the last one year. It stood at $4,013.36 million as on Dec. 31, 2016, down 2.48 percent or $102.14 million from $4,115.50 million on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
