Hotel Shilla Reports Q2 Revenue of 1.1659 Trillion Won... Hotel and Leisure Division Returns to Profit (Comprehensive)

[Asia Economy Reporter Jeon Jinyoung] Hotel Shilla announced on the 29th that its consolidated sales for the second quarter reached 1,165.878 billion KRW, a 22.3% increase compared to the same period last year.

Operating profit for the same period decreased by 6.8% to 43.215 billion KRW.

Net profit increased by 103.6% to 24.531 billion KRW.

By segment, duty-free business sales in the second quarter were 1.0101 trillion KRW, a 19% increase compared to 846.5 billion KRW in the same period last year, but operating profit was 14.8 billion KRW, a 69% decrease from 47.1 billion KRW in the same period last year.

The hotel and leisure business saw sales increase by 46%, and operating profit turned positive to 28.4 billion KRW. Seoul hotel sales increased by 41% compared to the same period last year, and Jeju hotel sales rose by 5% during the same period.

A Hotel Shilla official stated, “Despite the challenging business environment due to COVID-19, steady efforts in sound management have gradually improved our performance,” but added, “However, due to China’s lockdown policies and high exchange rates, significant performance improvements remain difficult.”

They further stated, “In the third quarter, as the peak summer vacation season approaches, we will thoroughly prepare for the demand from travelers going abroad and domestic travelers, focusing on improving business performance.”

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