Kangwon Land reports earnings decline for Q1

Net income fell by 16 per cent year-on-year.

South Korea.- Kangwon Land has reported net income of KRW78.0bn (US$52.8m) for the three months ended March 31. That’s a drop of 16.9 per cent year-on-year and 31.1 per cent compared with the previous quarter. Profit margins fell to 21.3 per cent as expenses continued to weigh.

Revenue for the period stood at KRW365.8bn (US$247.7m), down 0.6 per cent from a year earlier, although improving by 6.2 per cent on a quarterly basis. Gaming activity remained the primary contributor, generating KRW316.8bn (US$214.5m), broadly flat year-on-year.

Mass table dipped marginally to KRW160.4bn (US$108.6m), while VIP or membership play rose 4.2 per cent to KRW48.7bn (US$33.0m). The casino drop for the quarter increased 5.5 per cent year-on-year to KRW1.45trn (US$982.1m).

Slot machine revenue declined by 2 per cent year-on-year, while non-gaming income fell 5.7 per cent to KRW49.0bn (US$33.2m).

Visitor numbers to the resort reached 621,035 during the quarter, up 2.7 per cent year-on-year. Growth was supported by a 16.2 per cent increase in foreign guests, albeit from a relatively low base.

Operating income rose 2.5 per cent year-on-year and 75.4 per cent quarter-on-quarter to KRW77.7bn (US$52.6m).

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See also: South Korea financial unit fines Kangwon Land over AML control failures

Net income fell by 16 per cent year-on-year. South Korea.- Kangwon Land has reported net income of KRW78.0bn (US$52.8m) for the three months ended March 31. That’s a drop of 16.9 per cent year-on-year and 31.1 per cent compared with the previous quarter. Profit margins fell to 21.3 per cent as expenses continued to weigh….