Kangwon posts 10.7 pct decline in net profit in 17Q2

Kangwon Land posted a 10.7 percent decline in net profit for the second quarter of 2017, reaching KRW110.4 billion (US$96.9 million), according to a company results filing.

The South Korean locals-permitted casino noted that total sales declined 6 percent to KRW387 billion in 17Q2, down from KRW411.8 billion in 16Q2. Gaming sales fell 6.5 percent to KRW375 billion in 17Q2, attributed to a decline in VIP, mass table and slot machine sales, which went down 2.9 percent, 9.3 percent and 6.3 percent, respectively.

Kangwon Land also noted a decline in visitors in the quarter, down 0.8 percent to 726,000 from 795,000 in the prior year period.