Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, posted a first-quarter net profit of nearly KRW16.11 billion (US$11.4 million).
The tally represented a sharp sequential rise from the fourth-quarter’s circa KRW5.49 billion net profit. Judged year-on-year, first-quarter net profit was up 57.9 percent. That is according to the unaudited financial results of GKL filed to the Korea Exchange on Monday.
The company’s operating income in the first quarter this year reached KRW20.17 billion, 45.6-percent higher than a year earlier. Operating income was up 268.7 percent sequentially.
Group-wide sales stood at KRW109.86 billion in the three months to March 31, an increase of 12.2 percent year-on-year. Such sales were up 3.8 percent sequentially, according to Monday’s filing.
Grand Korea Leisure runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.
The group is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism.
