Hotel Shilla Returns to Profit in Q4 with 26.6 Billion KRW Surplus Due to Management Efficiency (Update)
[Asia Economy Reporter Yuri Kim] Hotel Shilla recorded an operating profit of 26.6 billion KRW in the first quarter of this year, turning profitable for the first time in four quarters.
On the 30th, Hotel Shilla announced that its operating profit for the first quarter of this year was 26.6 billion KRW, turning from a loss in the same period last year to a profit. During the same period, sales decreased by 22.9% to 727.2 billion KRW, and net loss narrowed to 1.5 billion KRW.
Hotel Shilla stated, "After recording the first-ever annual loss last year, we turned profitable with operating profit in four quarters," adding, "However, the operating profit turnaround in the first quarter was not due to improvement in the COVID-19 situation but was achieved through management efficiency."
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They explained that the duty-free business saw improved profitability due to reduced airport rental fees, and the hotel and leisure sector experienced slight improvements in sales and reduced losses thanks to the recovery of travel sentiment.
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