SEOUL– Hotel Shilla Co., a South Korean operator of luxury hotels and duty-free shops, said Friday it swung to the black in the third quarter from a year earlier thanks to eased social distancing rules.
Hotel Shilla logged a net profit of 14 billion won (US$9.8 million) on a consolidated basis in the three months ending in September, turning from a loss of 1.2 billion won a year earlier, the company said in a regulatory filing.
Operating profit climbed 27.7 percent on-year to 26.6 billion won, and sales rose 40.6 percent to 1.36 trillion won.
The company attributed the on-year growth to eased social distancing but said it faces many challenges ahead due to the depreciation of the Korean won, competition and a recent slowdown in China’s economy.
Hotel Shilla said it plans to improve performance by responding to customer demand in its hospitality sector, while enhancing profitability at its duty-free stores.
Source: Yonhap News Agency