Grand Korea Leisure returns to profit in Q1

Grand Korea Leisure has reported a net profit of KRW21.60bn (US$16.3m) for the first quarter of the year.

South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has shared its financial results for the first quarter of the year. It’s posted a net profit of nearly KRW21.60bn (US$16.3m), a stark contrast to the KRW10.78bn (US$8.1m) net loss reported for the same period last year, and the KRW8.95bn (US$6.7m) loss from the previous quarter.

Sales reached KRW109.16bn (US$82.0m), an increase of 132.9 per cent year-on-year and 17.7 per cent from the previous quarter. The company reported operating income of KRW27.22bn (US$20.5m), up nearly 400 per cent sequentially and up from an operating loss of KRW12.23bn (US$9.2m) in Q1 last year.

In April, the casino operator reported that monthly casino sales grew 689.9 per cent year-on-year to KRW45.61bn (US$34m). Sales were up 17.9 per cent from March.

Table-game sales were up 1,027.2 per cent in year-on-year terms to KRW42.22bn (US$31m). The figure was up 18 per cent when compared to the previous month. Machine-game sales rose 66.8 per cent year-on-year and 15.8 per cent month-on-month to KRW3.38bn (US$2.5m).