[Asia Economy Reporter Kim Yuri] Hotel Shilla announced on the 28th that its operating profit last year turned to a surplus of 118.8 billion KRW, compared to an operating loss of 185.3 billion KRW the previous year. Hotel Shilla returned to an annual operating profit surplus for the first time in two years since 2019.
During the same period, sales increased by 18.5% year-on-year to 3.7791 trillion KRW. Net profit also turned to a surplus of 27.1 billion KRW.
Operating profit in the fourth quarter of last year was 25 billion KRW, turning to a surplus compared to the same period last year. Sales increased by 34.2% year-on-year to 1.1299 trillion KRW.
Sales in the duty-free sector in the fourth quarter rose 36% to 1.0074 trillion KRW, and operating profit turned to a surplus of 23.1 billion KRW. Domestic downtown duty-free store sales and airport store sales increased by 35% and 48%, respectively. Sales in the hotel and leisure business sector rose 23% to 122.5 billion KRW, and operating profit turned to a surplus of 1.9 billion KRW.
A Hotel Shilla official said, "The operating profit surplus last year was not due to business normalization but the result of solid management, including withdrawal from the Incheon Airport duty-free store," adding, "Additional government support is urgently needed for Korean duty-free stores to regain competitiveness."
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