Grand Korea Leisure Ltd (GKL), a South Korean operator of foreigner-only casinos, reported a first-quarter net loss of KRW37.43 billion (US$33.4 million), compared with net income of just under KRW14.72 billion in the prior-year period. The company had reported a net loss of nearly KRW32.71 billion in the fourth quarter of 2020.
First-quarter sales at GKL decreased by 95.3 percent year-on-year to KRW5.27 billion, the firm said in a Tuesday filing with its unaudited quarterly results to the Korea Exchange. It was a 64.7-percent decline from the final quarter of 2020.
The company reported an operating loss of approximately KRW46.64 billion for the three months to March 31, compared with an operating profit of nearly KRW26.92 billion a year earlier.