Interpark Reports 766 Billion KRW in Consolidated Sales for 2Q
"Simultaneous Efforts for Cost Efficiency and Post-COVID Preparation"
[Asia Economy Reporter Kim Cheol-hyun] Interpark announced on the 7th that it recorded consolidated sales of 766 billion KRW in the second quarter. This is an 8.7% decrease compared to the same period last year, and an operating loss of 10.3 billion KRW was recorded. Although this is the first quarterly performance since the merger of the former Interpark Holdings (surviving corporation) and the former Interpark (dissolved corporation), the merger base date was on the 2nd of last month, so the results correspond to the performance before the merger of the two companies.
Based on pre-merger standards, the former Interpark recorded second-quarter sales of 81.1 billion KRW and an operating loss of 14.8 billion KRW. In particular, due to the prolonged COVID-19 pandemic and the resulting domestic consumer sentiment contraction and worsening business conditions, the core businesses of tour, entertainment & ticketing suffered significant damage.
The major subsidiary iMarketKorea recorded second-quarter sales of 689.9 billion KRW and an operating profit of 10.7 billion KRW. These figures represent decreases of 4.9% and 32.8%, respectively, compared to the same period last year. The slight decrease in operating profit is due to the impact of COVID-19 as well as a base effect from last year's strong performance.
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An Interpark official stated, "The second quarter was an inevitably deteriorated performance due to a business environment that was difficult to overcome through self-help efforts such as the suspension of overseas travel, cancellation of performances, and spectator-free sports events," and "Although a challenging management environment is expected in the second half due to the impact of COVID-19, we will continue efforts such as efficient allocation of resources at the company-wide level and marketing activities focused on selection and concentration, while simultaneously promoting a dual strategy to prepare diversely ahead for the post-COVID-19 era."
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