Casino op Grand Korea Leisure posts US$16mln profit for 1Q
Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, posted a net profit of nearly KRW21.60 billion (US$16.3 million) for the first quarter this year. That compares with a net loss of KRW10.78 billion a year earlier, and a KRW8.95-billion loss in the preceding quarter, according to a Wednesday filing to the Korea Exchange.
Group-wide sales stood at KRW109.16 billion in the three months to March 31, an increase of 132.9 percent year-on-year. Such sales were up 17.7 percent sequentially.
The company reported an operating income of just below KRW27.22 billion, up almost 400 percent sequentially. It compared with an operating loss of KRW12.23 billion a year ago.
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.
Grand Korea Leisure is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the Ministry of Culture, Sports and Tourism.
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