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Lawsuit loss hits earnings for Korea’s Paradise Group

Tuesday, 13 March 2018 06:26
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Korea’s Paradise Group saw its net income tumble to a loss of KRW12.8 billion (US$12 million) in 4Q17, down from a profit of KRW4.4 billion in the same period last year despite sales increasing 9.2% to KRW189.6 billion.

The figures have been revised down from original calculations after Paradise lost a lawsuit related to a rental dispute over one of its Jeju properties, with the company having originally calculated a loss of KRW5.3 billion for the three months to 31 December. Paradise says it will appeal the decision.

Profit from continuing operations before tax suffered a big hit in the quarter, amounting to a loss of KRW16.6 billion (US$15.6 million) – down from a positive result of KRW5.8 billion in 4Q16 and KRW2.9 billion in the previous quarter. Those figures also suffered from the lawsuit loss to the amount of KRW10.3 billion, having originally been calculated at a loss of KRW6.3 billion.

The revised numbers see Paradise Group’s net income for Full Year 2017 fall from a loss of KRW32.4 billion to an increased loss of KRW39.9 billion (US$37.5 million), while profit before tax reached a loss of KRW33.5 billion compared with a previous figure of KRW23.2 billion.

Sales for the year fell 3.9% to KRW668 billion (US$627.6 million), boosted by a late surge towards the back end of the year. Paradise has previously reported that its gaming revenue for December increased 16.7% year-on-year to KRW51.8 billion (US$48.5 million), driven by a 19.8% rise in table game revenue to KRW49.2 billion. The company operates five casinos in Korea including the country’s first integrated resort, Paradise City in Incheon, as well as Walker-hill, Busan Casino, Jeju Grand and Jeju Lotte.

 

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