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Melco Profit Surges

MACAU – As reported by Bloomberg: "Melco International Development, controlled by the son of Macao gambling tycoon Stanley Ho, said full-year profit surged ninefold, fueled by a one-time gain from the sale of a casino stake during the first half.

"Net income rose to 548.7 million Hong Kong dollars, or $71 million, from a restated 59.7 million dollars a year earlier, the company said Friday in a statement. Profit included a one- time gain of 514.4 million dollars recorded in the first half. Sales rose 47 percent to 600.6 million dollars.

"…Melco's shares slipped 0.3 percent Friday to 16 dollars. They have risen 73 percent this year compared with a 6.2 percent rise in the benchmark Hang Seng index. The stock has risen about 39 percent since March 9, when the license's purchase was announced…"

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