Kangwon Land sees net profit jump 96.3 percent in Y15Q4

Korean local casino operator Kangwon Land Inc has reported net income for Y15Q4 at KRW 93.0 billion (US$75.8 million), up 96.3 percent from the same period in 2014, according to a recent filing to the Korean Stock Exchange.

Revenue from sales in the fourth quarter increased by 8.6 percent year on year to KRW405.9 billion, narrowly missing analyst estimates.

Revenues from slot machines increased by 15.2 percent to KRW144 billion and revenues from VIP tables reached KRW66.4 billion, up by 3.6 percent, according to Daiwa Securities.

For the year ended Dec. 31, 2015, the Korean casino operator reported revenue at KRW1.63 trillion, up by 9.2 percent from 2014. Net profit for the year was reported at KRW441.6 billion, up 22.9 percent from the previous year.