Hotel Shilla Posts 11.4 Billion Won Operating Profit in Q3... "Turns to Profit"

Third Quarter Sales Up 0.9% Year-on-Year
"Focusing on Restoring Profitability"

Hotel Shilla succeeded in improving its performance in the third quarter of this year by reducing losses in its duty-free business and expanding sales in its hotel and leisure business.

According to the Financial Supervisory Service's electronic disclosure system, Hotel Shilla announced on the 4th that its provisional operating profit for the third quarter of this year was 11.4 billion won. This marks a turnaround from an operating loss of 17 billion won in the third quarter of last year. During the same period, sales reached 1.0257 trillion won, up 0.9% year-on-year.

Breaking down the results, sales in the duty-free segment totaled 849.6 billion won, a 0.6% increase compared to the same period last year. Sales at downtown locations in Korea declined by 1.3%, but sales at airport locations rose by 2.1%. The operating loss in the duty-free segment was 10.4 billion won, narrowing compared to the same period last year.

Sales in the hotel and leisure segment reached 176.1 billion won, up 2.7% from a year earlier, with operating profit increasing by 0.5% to 21.8 billion won. Sales at the Seoul hotel rose by 12.4% year-on-year, while Shilla Stay sales increased by 4.7%. In contrast, sales at the Jeju hotel fell by 2.3%, and the leisure segment declined by 6.5%.

A Hotel Shilla representative explained, "In the duty-free segment, we will focus on restoring profitability by responding to both internal and external factors and changes in the duty-free market," adding, "In the hotel and leisure segment, we aim to maintain strong performance by responding flexibly to customer demand."

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