GGRAsia – S. Korea’s Paradise Co net profit dips 46 pct in 3Q

S. Korea’s Paradise Co net profit dips 46 pct in 3Q

Nov 05, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck

South Korean casino operator Paradise Co Ltd on Thursday reported net income attributable to shareholders at KRW12.33 billion (US$10.8 million) for the three months ended September 30, down 46.4 percent from a year earlier. Net profit was down 2.5 percent from the preceding quarter, the firm said in a filing to the Korea Exchange.

Paradise Co operates a network of five foreigners-only casinos located in three major cities in South Korea and on the country’s holiday island of Jeju.

The company said its casino sales slipped 17.3 percent year-on-year in the third quarter, to KRW142.78 billion from approximately KRW172.65 billion in the prior-year quarter. It was still a 16.4-percent improvement from the second quarter.

Operating income for the three months to September 30 decreased by 60.5 percent year-on-year to KRW11.46 billion, said Paradise Co.

On Thursday, the South Korean casino firm also published data on casino sales for the month of October. Casino sales rose 87.4 percent month-on-month in October and were up 25.9 percent when judged year-on-year.

Table game sales in October were KRW64.12 billion compared to nearly KRW49.94 billion in the year-prior period. Sales via gaming machines fell 10 percent year-on-year to KRW3.12 billion.

October’s aggregate casino sales at Paradise Co were just under KRW67.24 billion, compared to nearly KRW53.41 billion a year earlier. The October tally was up on the KRW35.87 billion achieved in September.

For the 10 months to October 31, Paradise Co’s aggregated casino sales were nearly KRW483.51 billion, a 12.5 percent decline on the prior-year period.