Philippines-listed casino operator Melco Philippines Resorts Corp. bounced to a PHP148.6 million (US$2.97 million) in the first three months of the year.

In a filing before the Philippine Stock Exchange, Melco said that the multi-million profit it notched in the first quarter of 2017 is a turnaround from the net loss of P1.136 billion (US$22.73 million) in the same period last year.

Melco – which owns half of operations at City of Dreams Manila – reported improved operating revenues, lower employee benefit expenses, lower depreciation and amortization and net foreign exchange gains for the period, partially offset by associated increases in operating costs, payments to the Philippine parties as well as interest expenses.

Melco’s total net operating revenues were at PHP7.9 billion (US$158.09 million) for the three months ended March 31, 2017, surging 73.6 percent from PHP4.53 billion (US$90.65 million) for the three months ended March 31, 2016.