Hotel Lotte said on the 14th that it posted second-quarter consolidation revenue of 1.4237 trillion won and operating profit of 61.1 billion won. Revenue rose 26.4% from the same period a year earlier (1.1264 trillion won), and operating profit surged 1,597% from 3.6 billion won. For the first half, revenue was 2.656 trillion won and operating profit was 135.6 billion won, up 22.6% and 205.7%, respectively.
The simultaneous rebound of the two pillars—duty free and hotels—driven by the reentry into Incheon Airport duty free stores and the increase in foreign tourists is seen to have boosted results.
Lotte Hotels & Resorts, the hotel division, delivered its best-ever second-quarter performance with revenue of 417.2 billion won and operating profit of 32 billion won. Compared with a year earlier, revenue rose 11.9% and operating profit increased 183.8%. For the first half, revenue was 765.7 billion won and operating profit was 57.6 billion won, up 12.9% and 533.1%, respectively.
As foreign guests in the first half increased 13.1% from a year earlier, room institutional sector revenue jumped 13.5%, and overseas chain hotel revenue in countries such as Vietnam and the United States also rose 10.4%. The company said, "Sustained overseas travel demand and an increase in foreign tourists led to improved results."
The duty free division saw revenue increase as results from the Incheon Airport store, which opened on Apr. 17, began to be reflected from the second quarter. Efforts to attract both individual and group tourists also expanded. First-half overseas duty free revenue increased 14% on the back of operational efficiency centered on airport stores, maintaining a profit.