Hotel Shilla Q2 net income up 103.6 pct from eased social distancing

SEOUL, July 29 (Yonhap) — Hotel Shilla Co., a South Korean operator of luxury hotels and duty-free shops, said Friday its second quarter net profit rose 103.6 percent from a year earlier thanks to eased social distancing rules

Hotel Shilla logged a net profit of 24.5 billion won (US$18.9 million) on a consolidated basis in the three months ending in June, compared with 12.04 billion won a year earlier, the company said in a regulatory filing.

Operating profit fell 6.8 percent on-year to 43.2 billion won, and sales climbed 22.3 percent to 1.17 trillion won.

The company attributed the on-year net profit growth to a base effect from the pandemic and a rise in the number of guests at its Seoul hotel after the government eased COVID-19 social distancing rules.

Hotel Shilla operates two hotels — one in Seoul and another on Jeju Island.

The luxury hotel chain said it plans to strengthen its performance in the third quarter, as it expects an increase in hotel bookings of inbound travelers during the summer vacation season.

Source: Yonhap News Agency

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