Paradise Co posts operating profit of US$4.09m for Q3

Paradise Co has revealed an operating profit of KRW4.81bn (US$4.09m) for the third quarter of the year.

South Korea.- The casino operator Paradise Co has shared its financial results for the third quarter of the year, reporting positive earnings before interest, taxation, depreciation and amortisation (EBITDA) thanks to significant cost savings.

For the third quarter, the company registered EBITDA of nearly KRW29.65bn, compared to negative EBITDA of KRW5.23bn in the previous year. The company posted a net loss of KRW10.58bn for the quarter of the year, which was narrowed from a net loss of KRW31.99bn in Q3 2020.

Casino sales were up 12.1 per cent year-on-year and 47 per cent sequentially to KRW44.96bn. Paradise City’s venue at Incheon registered casino sales of KRW31.12bn, up 123.4 quarter-on-quarter and up 105.7 per cent when compared to Q3 2020.

Paradise Co revenue up 125.1% in October

Paradise Co reported that revenue for October was up 125.1 per cent month-on-month from KRW9.55bn (US$8.04m) to KRW21.35bn (US$18.1m. Table revenue grew from KRW7.84bn to KRW19.65bn, up 153 per cent when compared to September but down 3.7 year-on-year.

Machine game revenue reached almost KRW1.70bn, down 1 per cent when compared to the previous month (KRW1.72bn) and down 13 per cent year-on-year.

In September, Paradise Co revenue plummeted 84 per cent month-on-month due to restrictions related to the Covid-19 pandemic. For the first ten months of the year, Paradise Co’s revenue was KRW209.9bn, down 25.7 per cent.