Paradise Co reports net profit of US$5.3m for Q1
Casino sales in the three months to March were up 19.7 per cent quarter-on-quarter.
South Korea.- Paradise Co has announced a net profit attributable to shareholders of KRW6.99bn (US$5.3m) for the first quarter of the year. That compares to a KRW4.05bn (US$3.1m) loss in the previous quarter and KRW28.58bn (US$21.7m) loss in the same period of last year.
Sales were KRW191.52bn (US$145.2m), down 0.9 per cent quarter-on-quarter but up 92 per cent in year-on-year terms. According to a separate presentation by the company on Wednesday (May 10), casino sales in the first three months of 2023 increased by 19.7 per cent quarter-on-quarter and 129 per cent year-on-year to just below KRW70.97bn (US$53.8m).
Sales from integrated resort operations (in partnership with Japan’s Sega Sammy Holdings at the Paradise City resort in Incheon) declined by 9.4 per cent quarter-on-quarter to just above KRW91.26bn (US$69.2m). The sales doubles year-on-year.
The integrated resort sales figure incorporates casino, hotel and theme park sales at Paradise City. The cost of sales for the joint venture rose by 62 per cent year-on-year to KRW74.06bn (US$56.2m).
The company’s operating income for the same period was KRW19.02bn (US$14.4m), up 4.3 per cent from the preceding quarter and from a KRW25.53bn (US$19.4m) operating loss in the first quarter of 2022.