Paradise sales up last year but profits decline sharply

South Korea’s Paradise Co. Ltd reported positive sales figures for its casino, hotel and other operations last year though overall profits were down.

Revenue for the year increased by 8.7 percent year-on-year to KRW695 billion, Paradise Co said in a filing. Net profit attributable to controlling interests was KRW96.4 billion for the whole of 2014, down 4.2 percent from a year earlier.

For the fourth quarter last year, net profit fell steeply from $12.8 million to $4.8 million a drop of 62.2 percent.

Paradise operates five casinos in the country. High-rollers from China are the group’s biggest patrons followed by VIPs from Japan.

The company cornered 49.6 percent of the local market in 4Q14 based on casino sales, slightly lower compared to the same period the year before, according to data from the Korean Casino Association.

 

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