Grand Korea Leisure posts net loss of US$7.03m for Q4
GKL’s net loss improved on year-on-year terms.
South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has reported that sales grew 329.9 per cent year-on-year in the fourth quarter of 2022, reaching KRW92.75bn (US$73.1m). The figure was up 24.6 per cent when compared to the previous quarter.
The company posted a significant improvement in its operating income in the fourth quarter of 2022, reaching KRW5.44bn (US$4.28m). The figure was up 19 per cent quarter-on-quarter.
Despite the increase in sales, the company posted a net loss of KRW8.95bn (US$7.03m) for the fourth quarter, but this was an improvement from the KRW34.36bn (US$17.19m) loss in the same quarter of the previous year.
For the full year 2022, the company reported a net loss of KRW22.74bn (US$17.90m), which was an improvement from the KRW113.27bn loss in 2021. For January this year, GKL reported revenue of KRW32.09bn (US$26.1m). That represents an increase of 230.2 per cent year-on-year and 5 per cent month-on-month.