Kangwon Land posts net profit of US$68.1m for Q1

Kangwon Land’s net profit was up 26 per cent when compared to the previous quarter.

South Korea.- Kangwon Land has shared its financial results for the first quarter of the year. It posted a net profit of KRW92.9bn (US$68.1m), down 8.5 per cent in year-on-year terms but up 26 per cent when compared to the fourth quarter of 2023.

Gaming sales were up 3.3 per cent year-on-year and up 10.7 per cent sequentially to KRW316.2bn (US$231.1bn). The figure represented 85.8 per cent of the firm’s overall sales, which reached KRW368.4bn (US$270m).

Non-gaming sales reached KRW52.2bn (US$38.1bn), flat from a year ago but up by 31 per cent from the previous quarter. Sales mainly came from the firm’s hotel operation, plus its condominium and skiing business.

Operating profit was up 95.8 per cent sequentially and up 8.5 per cent from last year at KRW75.9bn (US$55.7m).

In April, Kangwon Land unveiled a KRW2.5tn (US$1.85bn) investment plan dubbed K-HIT Project 1.0. It will triple the size of casino space by 2032. The company will aim to enhance the gaming experience for international visitors and align operational standards, including betting restrictions, with global benchmarks. The company also aims to increase non-gaming sectors, raising the proportion of non-casino sales from the current 13 per cent to 30 per cent.