User talk:Paradise Copts positive EBITDA, net loss in 4Q
Paradise Inc., which operates foreign-only casinos in South Korea, reported positive earnings before interest, taxation, depreciation and amortization (EBITDA) for the fourth quarter of 2021, driven by "stable demand" from its customers.
Paradise Co said in a Thursday filing that its fourth-quarter EBITDA fell 90.4% sequentially to 2.85 billion won ($2.38 million). In the fourth quarter of 2020, the group produced a positive EBITDA of 6.92 billion won.
The Company reported an operating loss of KRW 203.4 billion for the three months to December 31, and an operating loss of KRW 156.3 billion in the fourth quarter of 2020 compared to an operating profit of KRW 48.1 billion in the previous quarter.
Paradise said in its latest reporting quarter it experienced "stable" gaming demand from "local" and international customers described by investment analysts. However, the company expected "casino revenue to continue" due to "long-term negative impacts from COVID-19."
Casino sales in the fourth quarter rose 10.2% quarter-on-quarter to 49.53 billion won, but decreased 9.9% year-on-year.
The group's overall fourth-quarter revenue rose 7.1% year-on-year to 121.45 billion won, but was down 8.5% quarter-on-quarter.
The group's casino operations include Walkerhill in Seoul, Jeju Grand on Jeju Island, and Paradise City in Incheon (pictured) – Sega Sami Holdings, Inc. in Japan and its venture arm in Busan.
The casino operator posted a net loss of 40.12 billion won in the fourth quarter, compared with a net loss of 6.19 billion won in the third quarter. The figure is still an improvement from a loss of 59.21 billion won a year ago.
For the full year 2021, Paradise reported a positive EBITDA of W42.8 billion, up 3.4% from 2020. It posted a net loss of W25.22 billion, an improvement from a loss of W48.74 billion in 2020.
