Paradise net profits drop 86.5%, while revenues rise in Q3

Asia focused casino operator Paradise Co has announced an 86.5% year-on-year drop in its net profits for the third quarter of 2017.

In its third financial filing of the year, the South Korean-based company reported net profits of KRW1.414bn during the three months ending September 30th, which was dwarfed by the KRW10.4bn reported during the same period of 2016.

Paradise Company operating profit decreased 7.1% from KRW10.9bn in Q3 2016 to KRW10.1bn during the third quarter of 2017.

However, at the same time, company gross profits jumped 15.4% to KRW32.49bn, while earnings before interest taxation depreciation and amortisation grew 38% year-on-year to KRW27.21bn.

Sales also grew during the period, increasing by 11.9% from the KRW175.2bn reported during the third quarter of 2016 to KRW196bn during the same period of 2017. Paradise attributed this rise to a recovery in its Chinese VIP operations and positive growth in its Japanese VIP gaming areas.