Paradise Co posts net income of US$10.7m for Q2
Paradise Co’s income was down 50.5 per cent in year-on-year terms.
South Korea.- Paradise Co has reported that net income attributable to shareholders was KRW14.55bn (US$10.7m) in the second quarter of the year. The figure was down 43.9 per cent quarter-on-quarter and down 50.5 per cent when compared to the second quarter of 2023.
Aggregate sales were down 0.7 per cent year-on-year but up 3.2 per cent when compared to the previous quarter at KRW273.26bn (US$199.27m). Operating profit was KRW32.01bn (US$23.37m), down by 41.7 per cent year-on-year and 22.9 per cent sequentially. Earnings before interest, taxation, depreciation, and amortisation (EBITDA) was KRW51.89bn (US$37.84m), a 30.8 per cent decrease in year-on-year terms and a decrease of 23.8 per cent sequentially.
Paradise Co recorded an operating profit margin of 11.7 per cent in the three months. The company attributed the decrease to increasing marketing costs.
Paradise Co operates three gaming venues directly: Walkerhill in Seoul, Paradise Jeju on Jeju island and a property in the port city of Busan. The company reported a decrease in aggregate casino sales of 16.7 per cent year-on-year to KRW111.96bn (US$81.57m). The figure was up 9.5 per cent quarter-on-quarter.
Sales from integrated resort operations (Paradise City in Incheon) rose 20.1 per cent year-on-year to KRW131.40bn (US$95.45m). Judged quarter-on-quarter, the figure was down 0.7 per cent. Casino sales at Paradise City reached KRW102.52bn (US$74.64m), up 24.7 per cent year-on-year but flat sequentially.
Paradise City generated EBITDA of KRW25.08bn (US$18.27m), a decrease of 11.5 per cent from last year and 38.6 per cent lower quarter-on-quarter.
In July, Paradise Co reported casino revenue of KRW62.04bn (US$45.17m) for July. That’s a rise of 7.3 per cent month-over-month but a decline of 1.3 per cent when compared to July 2023. For the first seven months of the year, casino revenue was KRW485.10bn (US$353.19m), up 17 per cent year-over-year.
