Hotel Lotte said in a filing on the 14th that third-quarter results came to 1.2218 trillion won in revenue and 117 billion won in operating profit. Compared with a year earlier, revenue fell 4.9%, but operating profit jumped 384.2%.
Hotel institutional sector revenue rose 3.7% to 386.8 billion won, and operating profit increased 74.1% to 67.1 billion won. Foreign guests increased 8.9%, and hotel room revenue grew 4.6%. Overseas hotels also saw guests rise 11.3% on the back of a recovery in the global tourism market.
The duty-free institutional sector (Lotte Duty Free) posted third-quarter revenue of 724.1 billion won and operating profit of 18.3 billion won. Revenue fell 9.4% from a year earlier, but operating profit returned to the black. The company said the third-quarter revenue decline was due to a strategy of reducing the sales share of Chinese daigou resellers.
Operating profit has remained in the black since the first quarter as visits by individual tourists increased and online revenue grew. Online duty-free sales rose about 28% from the third quarter of last year, and overseas-store revenue increased about 8%.
The World division posted third-quarter revenue of 110.7 billion won and operating profit of 31.5 billion won. Compared with a year earlier, revenue decreased 1.1% and operating profit edged up 0.1%.