Hotel Lotte Reports 44.2 Billion KRW Operating Profit in Q3... Approaching 1 Trillion KRW Annual Revenue for 2 Consecutive Years (Comprehensive)
Operating Profit Up 23% Year-on-Year
Sales Increase 6% to 338.4 Billion KRW
Cumulative Sales Reach 918.4 Billion KRW
Lotte Hotel & Resort recorded strong performance in the third quarter of this year, supported by an increase in foreign tourists.
Hotel Lotte announced on the 14th that its consolidated operating profit for the third quarter of this year reached 44.2 billion KRW, a 23% increase compared to the same period last year. Sales rose 6% to 338.4 billion KRW.
The hotel division's operating profit turned positive, reaching 29.4 billion KRW cumulatively through the third quarter, compared to a loss of 21 billion KRW the previous year. Cumulative sales amounted to 918.4 billion KRW, approaching 1 trillion KRW in annual sales for the second consecutive year.
The hotel attributed the strong performance to the recovery in demand from foreign tourists visiting Korea, coinciding with the transition to an endemic phase. In fact, the proportion of foreign guests at Lotte Hotel & Resort increased by 18 percentage points from the third quarter of last year to 43%, accounting for nearly half of all guests. During the same period, foreign sales grew 125% year-on-year, contributing to the improved results.
Recovery in banquet demand, including MICE (Meetings, Incentives, Conventions, and Exhibitions) and weddings, to pre-COVID-19 levels also played a role in the performance improvement. Banquet sales at Lotte Hotel Seoul in the third quarter of this year grew 20% compared to the same period last year.
Hot Picks Today
At President Lee's Call to "Give Enough to Shock," Whistleblower Rewards Become a Real Lottery
- If They Fail Next Year, Bonus Drops to 97 Million Won... A Closer Look at Samsung Electronics DS Division’s 600M vs 460M vs 160M Performance Bonuses
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- Opening a Bank Account in Korea Is Too Difficult..."Over 150,000 Won in Notarization Fees Just for a Child's Account and Debit Card" [Foreigner K-Finance Status]②
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
The hotel expects the inflow of foreign tourists to accelerate in the fourth quarter, which is the peak season for the hotel industry, and anticipates the sales growth trend to continue. A representative from Lotte Hotel & Resort said, "With cumulative sales from the first to third quarter this year increasing by 18% compared to the same period last year, we expect to comfortably achieve 1 trillion KRW in sales for the second consecutive year, a first in the industry."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
