Hotel Shilla Q3 Operating Profit 26.6 Billion KRW... Up 27.7% YoY (Comprehensive)

Seoul Shilla Hotel exterior. (Photo by Hotel Shilla)

[Asia Economy Reporter Lim Chun-han] Hotel Shilla announced on the 28th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 26.6 billion KRW, a 27.7% increase compared to the same period last year.

Sales reached 1.3618 trillion KRW, up 40.6% year-on-year. Net profit turned positive at 14 billion KRW.

By segment, duty-free store sales amounted to 1.1977 trillion KRW, a 40% increase compared to the same period last year. Domestic downtown duty-free store sales rose by 34%, and airport duty-free store sales increased by 99%. Operating profit from duty-free stores was 600 million KRW, down 97% year-on-year.

Hotel and leisure segment sales were 164.1 billion KRW, up 48% year-on-year, and operating profit soared 2,789% to 26 billion KRW.

A Hotel Shilla official explained, “Thanks to the easing of social distancing measures, we achieved better results compared to last year, but we are still facing difficulties due to China’s zero COVID-19 policy, high exchange rates, and ongoing competition.”

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