Seoul, South Korea – Hotel Shilla Co., a leading hospitality company, reported significant financial setbacks for its third quarter of the year, swinging to a net loss from a profitable position the previous year.
According to a new release by Yonhap News Agency, the company disclosed a third-quarter net loss of 3.3 billion won (US$2.4 million). This is in sharp contrast to a profit of 14 billion won recorded in the same quarter a year earlier. The company's operating income for the July-September period also registered a decline, falling 71 percent on-year to 7.7 billion won. Furthermore, revenue saw a decrease of 25.7 percent, amounting to 1.01 trillion won.
The financial disclosures indicate a challenging quarter for Hotel Shilla, with significant reductions in both operating income and revenue, in addition to the recorded net loss.