On the 25th, Hotel Shilla announced that its consolidated operating profit for the second quarter of this year was tentatively recorded at 8.7 billion won, a decrease of 68.7% compared to the same period last year. It turned from a loss in the previous quarter to a profit.
According to the electronic disclosure system of the Financial Supervisory Service, revenues for the same period were recorded at 1.0254 trillion won, reflecting a 2.3% increase compared to the same period last year and a 5.5% increase compared to the previous quarter (971.8 billion won). The net loss was 880 million won, which is a reduction in the deficit compared to 6.2 billion won in the previous quarter.
Revenue from the duty-free institutional sector was 850.2 billion won, an increase of 2.1% compared to the same period last year. Sales from domestic stores decreased by 3.2%, while airport outlet sales increased by 6.4%. The operating loss was 11.3 billion won, a turnaround into a deficit compared to the same period last year.
In particular, revenue from the hotel and leisure institutional sector was 175.2 billion won, a 3.2% increase compared to the same period last year. Operating profit was 20 billion won, a decrease of 2.9% compared to the previous year.
An official from Hotel Shilla noted, "The duty-free institutional sector is focusing on improving efficiency and solid management. The hotel and leisure institutional sector has currently expanded its sales and operating profit as it is in the peak season." He added, "The duty-free institutional sector will continually focus on solid management while responding quickly to changes in the market environment. The hotel and leisure institutional sector will also continuously enhance its product and service competitiveness."