Interpark, 1Q Consolidated Sales of 106.4 Billion KRW... 19.5% Decrease YoY

Despite Direct Impact of COVID-19, Travel and Performance Sectors Maintain Slight Profit Trend

[Asia Economy Reporter Kim Cheol-hyun] Interpark announced on the 7th through a public disclosure that it recorded sales of 95.1 billion KRW and an operating profit of 100 million KRW for the first quarter on a separate basis this year. Despite the tour and ticket businesses being directly hit by the COVID-19 pandemic, it is evaluated to have achieved satisfactory results.

In the first quarter, due to the rapid spread of COVID-19 at the beginning of the year, domestic and international travel demand sharply declined, and the ticket business also suffered sales damage as most scheduled performances were postponed or canceled. Nevertheless, Interpark explained that other business areas such as shopping and books maintained performance comparable to the previous year, and continuous efforts to improve profitability helped maintain profitability even in a difficult management environment.

On a consolidated basis, sales amounted to 106.4 billion KRW, with an operating loss of 1.4 billion KRW. Sales decreased by 19.5% compared to the previous year. This is because the consolidated subsidiaries were also directly affected by the worsening business environment due to COVID-19. An Interpark official said, "As 'social distancing' shifts to 'everyday distancing,' social and economic activities are resuming, and as performances such as musicals and concerts normalize, a gradual turnaround in performance centered on the ticket business is expected. However, even if the domestic COVID-19 situation shows signs of calming, it is expected to take some time for the tour business to realize performance improvement as the COVID-19 situation continues in major overseas travel destinations."

Interpark plans to leverage the technological capabilities and service competencies it has accumulated so far to prepare for the changes in consumer paradigms newly highlighted by COVID-19 and to make company-wide efforts to overcome the crisis.

This content was produced with the assistance of AI translation services.