Paradise Co posts US$3m net loss for Q4

The figure is an improvement from the loss the previous year but a decrease from profit in the third quarter.

South Korea.- Paradise Co has shared its financial results for the fourth quarter of the year. The company has reported a net loss of KRW3.91bn (US$3m) after a KRW39.37bn profit in Q3. That was, however, an improvement on a KRW47.04bn loss in Q4 2021.

Sales were KRW193.20bn (US$152.23m), up 2 per cent quarter-on-quarter 73.3 per cent increase on year-on-year terms. Casino sales in the last three months of 2022 fell 17 per cent quarter-on-quarter to KRW59.31bn (US$46.74m). The figure was up 19.7 per cent when compared to the previous year.

According to a recent filing, sales from the joint venture with Sega Sammy at South Korea’s Paradise City resort increased 27.7 per cent quarter-on-quarter to almost KRW100.79bn (US$79.5m). This figure represents a 186.1 per cent year-on-year increase in integrated resort sales, which include casino, hotel, and theme park sales. 

However, the cost of sales for the Paradise Sega Sammy venture increased 66 per cent year-on-year to KRW78.10bn (US$61.49m) in the fourth quarter of the year. The group’s total cost of sales reached KRW157.76bn (US$124.28m), up 15.3 per cent sequentially and 32.6 per cent yearly.

Meanwhile, operating income for the quarter was KRW18.23bn (US$14.37m), down 52.5 per cent from the preceding quarter but an improvement from the KRW20.42bn (US$16.06m) loss in the fourth quarter of 2021.

For the full-year 2022, Paradise Co posted revenue of KRW350.68bn (US$274.5m), up 40.5 per cent compared with full-year 2021.