Guocoleisure: Announced 1Q12 results which was in-line, with rev at US$102.2m, -5.3% yoy, while net profit at US$24.3m, +45.5% yoy. Results were however largely boosted by "other operating income" at US$10.5m vs US$1.9m yoy due mainly to the reimbursement of expenses associated with a resolved royalty entitlement dispute.
Going forward, grp note that the situation in EU as well as the slowdown in the US have heightened the risk of a recession in major Western economies. While business performance has shown improvement on a quarter-on-quarter basis, the Grp remains vigilant and mindful of macro-economic risks that may pose a challenge to its growth plans.
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