Paradise Co reports 14.8 drop in profit in October

South Korea casino operator Paradise Co reported a drop in profit for the third quarter of 2016, according to the company’s filing to the Korea Exchange.

Profit for the quarter was KRW 10.5 billion ($9.2 million), down 14.8 percent compared to KRW 12.3 billion in 15Q3.

The operator said it was hit with a one-off early retirement expense of KRW 12.8 billion, which was reflected in labor cost for the quarter.

Sales increased 22.7 percent year-on-year to KRW 175.2 billion, with the year-on-year improvement a result of the low base effect created by the MERS outbreak in 2015, said the company.