Grand Korea Leisure posts net profit of US$8.3m for Q2

Net profit was up 31.9 per cent in year-on-year terms. 

South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the second quarter of the year. It posted a net profit of KRW11.33bn (US$8.3m), up 31.9 per cent year-on-year and up 11 per cent sequentially.

Sales reached KRW98.83bn (US$72.45m), a decrease of 1.4 per cent year-on-year but a rise of 0.9 per cent from the previous quarter. Operating income was KRW13.21bn (US$9.63m), up 20 per cent year-on-year but down 4.6 per cent sequentially.

Casino net sales were KRW192.6bn (US$141.83m), a decrease of 7.4 per cent from a year earlier, while the casino drop increased by 16.8 per cent year-on-year to KRW1.86tn (US$1.36bn). Shareholder net income was down 28.7 per cent year-on-year, at KRW21.53bn (US$8.3m).

Grand Korea Leisure runs three casinos in South Korea under the Seven Luck brand. Two are in Seoul, while the third is in Busan. Visitors numbers totalled 447,941 in the first half. That’s a 38.3 per cent increase compared to last year.

According to another filing, the company will pay an interim cash dividend of KRW60.00 per share on September 10 for a total of KRW3.71bn (US$2.72m). It’s the first interim dividend in four years.

In July, the company posted casino sales of KRW19.22bn (US$14.07m), down 48.1 per cent compared to the previous month and down 38.2 per cent year-on-year.

See also: GKL eyes overseas expansion amid growing regional competition

Net profit was up 31.9 per cent in year-on-year terms.  South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the second quarter of the year. It posted a net profit…