Hotel Lotte Q3 Operating Profit 24.2 Billion KRW... 64% Decrease YoY

Hotel Lotte announced on the 14th that its operating profit for the third quarter of this year was 24.2 billion KRW, a 64% decrease compared to the same period last year.

Third-quarter sales increased by 8% to 1.2844 trillion KRW. On the other hand, operating profit in the hotel division during this period decreased by 13% to 38.6 billion KRW.

Hotel Lotte explained, "Sales at luxury hotels such as Seoul Hotel increased due to a rise in business and state guest bookings, and the L7 brand also showed strong sales performance."

The duty-free store posted an operating loss of 46 billion KRW in the third quarter, widening the deficit compared to an operating loss of 9.8 billion KRW in the same period last year. Lotte Duty Free stated, "The deficit increased due to factors such as the ongoing economic downturn, sluggish consumption, and delayed recovery of yukeo (Chinese tourists)."

A one-time expense of 16 billion KRW was also recorded for the special early retirement program severance pay conducted in August.

The World division's operating profit for the third quarter was 31.5 billion KRW, a 3% decrease compared to the same period last year.

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