Lotte Duty Free Reports Operating Loss of 73.5 Billion KRW in First Half Due to "COVID-19 Impact"
[Asia Economy Reporter Yoo Hyun-seok] Lotte Duty Free recorded an operating loss in the first half of this year due to the impact of the novel coronavirus infection (COVID-19) and rental fee burdens.
According to the Hotel Lotte semi-annual report on the 14th, Lotte Duty Free's consolidated financial statements showed sales of 1,452.9 billion KRW in the first half of this year. The operating loss was 73.5 billion KRW.
Lotte Duty Free bore the full brunt of the sharp decline in overseas travel in the second quarter, resulting in an operating deficit of 77 billion KRW. Additionally, rental fees amounting to 100 billion KRW accumulated in the first half also contributed to the shift to a deficit.
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A Lotte Duty Free official stated, "Due to the prolonged COVID-19 pandemic, the operating environment in the duty-free industry has continued to deteriorate, leading to an operating loss in the second quarter," and added, "The accumulated airport rental fees of 100 billion KRW in the first half played a major role in the shift to a deficit."
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