S. Korea's GKL Q3 net profit falls despite 2 pct rise in revenue

South Korea's Casino Grand Korea Leisure Inc. (GKL) said its shareholders' net profit fell just below 25.29 billion won ($21.9 million) in the third quarter of 2019, down 4.1% from a year earlier.

GKL reported in writing Friday that third-quarter revenue rose 2.3% year-over-year to 133.36 billion won. Operating profit remained flat in the third quarter at just over 30.6 billion won. 홀짜게임

The company did not provide information on the difference between a relatively small year-over-year increase in third-quarter revenue and a decline in net profit for the period.

GKL market rival Paradise Inc. on Thursday reported a net profit of about 34.21 billion won for shareholders in the three months to Sept. 30, up 626.3% from a year earlier.

GKL's net profit for the first nine months of 2019 was 54.08 billion won, down 23.7% year-over-year.

The company operates three casinos under the Seven Luck chain, two in Seoul and one in the southern Korean city of Busan, where only foreign gamblers can enter. The company is a subsidiary of the Korea Tourism Organization, which is run by the Korean government.

GKL reported Wednesday that October casino sales rose 1.0% year-over-year to 36.45 billion won.