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GKL 15Q2 income up compared to last year but down QoQ

Grand Korea Leisure’s net income doubled to KRW18.5 billion ($15.92 million) in 15Q2 compared with KRW9.31 billion in the same period last year, though the company performed less well compared with the previous quarter. 

On a quarter-on-quarter basis the company’s net income fell significantly from KRW32.1 billion in 15Q1. For the six months of the year, Grand Korea’s net income stands at KRW50.7 billion, up 8.2 percent YoY.

The company, which operates three foreigners-only casinos in South Korea - two in Seoul and one in Busan - reported that its sales rose 4.9 percent year-on-year to approximately KRW122.3 billion, but compared with the previous quarter fell 17.7 percent.

GKL’s operating income rose 5 percent YoY to nearly KRW21.6 billion though represented a QoQ drop of 55.4 percent.

Korea’s tourism industry has taken a hit from the outbreak of Middle East Respiratory Syndrome which saw tourist arrivals to the country fall 41 percent in June compared to the same period the year before.

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