Hotel Shilla Returns to Operating Profit Last Year, Net Loss Widens
Creatrip Team
7 months ago
Hotel Shilla reported a turnaround to an operating profit of KRW 13.5 billion last year (from an operating loss of KRW 5.2 billion the prior year), while consolidated sales rose 3.1% to KRW 4.0683 trillion. Despite the operating profit improvement, the company’s net loss widened to KRW 172.8 billion. In Q4, operating loss narrowed to KRW 4.1 billion from KRW 27.9 billion a year earlier; quarterly sales were KRW 1.0454 trillion and net loss KRW 16.6 billion. The duty-free (TR, 면세) division’s Q4 operating loss improved to KRW 20.6 billion, with sales up 10.5% to KRW 854.9 billion — city stores +8.7%, airport stores +11.8%. Hotel & leisure Q4 operating profit rose 3.1% to KRW 16.5 billion on 9.3% higher sales of KRW 190.5 billion; Seoul and Jeju hotels’ revenues grew 4.6% and 12.0% respectively, and “Stay” (a budget/short-stay brand) sales climbed 14.0%. The company cited industry-wide challenges for duty-free due to the strong foreign exchange rate and said it is pursuing efficiency measures, while expanding management contracts to boost hotel performance.
