Seoul: Hotel Shilla Co. on Friday reported a first-quarter net loss of 6.2 billion won (US$4.3 million), remaining in the red compared with a year ago. The company said in a regulatory filing that it posted an operating loss of 2.5 billion won for the January-March period, compared with a profit of 12.1 billion won a year ago. Revenue fell 0.9 percent to 971.8 billion won.
According to Yonhap News Agency, the operating loss was 66.3 percent lower than the average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. Despite the downturn, the actual performance was better than predicted, indicating some resilience amidst challenging conditions.