Landing International Development Ltd, operator of South Korea’s Jeju Shinhwa World, has issued a profit alert on improved revenues and narrowed loss for the six months to 30 June 2022.
The company has advised that it expects to record a substantial increase in consolidated revenue of around 45% and a decrease in consolidated net loss of between 65% and 85% when compared to the corresponding period in 2021.
The expected increase in consolidated revenue and decrease in consolidated net loss were mainly attributable to an increase in domestic consumption at Jeju Shinhwa World following a series of marketing campaigns, leading to the increase in revenue generated from integrated resort segment, as well as an increase in residential property sales activities, decrease in amortization and depreciation, decrease in operating expenses resulting from stringent cost controls and increase in fair value of investment properties, Landing said.
The company warned that gaming revenues had declined for the period although it had still managed to substantially narrow its losses.
Landing’s full results for 1H22 are due to be released by the end of this month.