Hotel Shilla Reports Operating Profit of 46.4 Billion KRW in Q2, Returns to Profitability (Comprehensive)

[Asia Economy Reporter Lim Chun-han] Hotel Shilla announced on the 30th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 46.4 billion KRW, turning to a profit compared to the same period last year (operating loss of 63.4 billion KRW).

Sales increased by 82.3% year-on-year to 953.4 billion KRW. Net profit also turned positive to 12 billion KRW. Hotel Shilla explained, "Following the first quarter, which turned profitable after five quarters, we recorded profits for two consecutive quarters. This is not due to an improvement in the COVID-19 situation but rather the effect of profitability improvement through management efficiency."

Sales at Hotel Shilla's downtown duty-free stores rose 96.4% to 772.9 billion KRW, and airport duty-free store sales increased 61.0% to 73.6 billion KRW. Looking at the hotel and leisure division, sales at the Seoul Shilla Hotel increased by 29.4% to 35.2 billion KRW, and sales at the Jeju Shilla Hotel rose by 49.0%. Hotel Shilla stated, "In the duty-free sector, profitability improved due to reductions in airport rent, and in the hotel and leisure division, the deficit narrowed ahead of the summer peak season."

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