S. Korea's casino op GKL falls 51 pct in Q1 profit
South Korea's foreign-only casino operator Grand Korea Leisure Inc. (GKL) posted a net profit of 8.46 billion won ($7.16 million) in the first quarter, down 51.3 percent from 17.35 billion won a year earlier.
GKL's first-quarter sales fell 10.5% year-on-year, it said in a filing with the Korea Exchange on Thursday.
In the three months to March 31, such sales reached nearly 109.2 billion won, compared to 112.9 billion won in the same period in 2018.
The company did not provide information on why there was a big difference between a relatively small year-over-year drop in revenue in the first quarter and a drop in net income for the current period.
GKL is a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism in Korea. The casino operator operates three foreigner-only casinos in Korea under the Seven Luck brand, two in the capital city of Seoul and one in the southern port city of Busan.
Group operating profit fell 47.3% to 16.55 billion won in the January-March period of 2019, compared with 31.39 billion won in the same period in 2016.
Net income before income tax due to continuing operations was slightly below 11.09 billion won, down 51.9% year-on-year.
Also on Thursday, GKL submitted April sales number to Korea Exchange.
They showed overall casino sales were just under 39.35 billion won, down 0.4% year-on-year, but that figure was down 5.7% month-on-month. Table game sales were down 6.8% year-on-year to 34.57 billion won in April, but up 0.9% year-on-year. In fact, machine game sales rose 3.3% to 4.77 billion won in April, down 9.3% year-on-year.
Casino sales fell 8.6 percent year-on-year in the January-April period of 2019 to just under W147.6 billion. Table game sales fell 9.4 percent to about W128.7 billion, while machine game sales fell 2.6 percent to just under W18.86 billion in the calendar year through April 30.
BY: 무료슬롯사이트
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