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Paradise Co announces recommended final dividend of KRW100 per share

February 19, 2024 South Korea Casino & HotelIndustry Updates

A proposed final dividend of KRW100 (US$0.075) per share has been announced by Paradise Co Ltd, a South Korean operator of casinos exclusive to foreigners, for the fiscal year ending December 31, 2023.

This distribution, which amounts to around KRW8.63 billion for the whole year and reflects a dividend ratio of 0.7 percent based on the company’s current market price, is disclosed in a filing with the Korea Exchange.

The proposed dividend is up for approval at the company’s March 22 shareholder meeting. If authorized, the dividend payout date was not specified by the company.

Three casinos are directly operated by Paradise Co.: Walkerhill in Seoul, Paradise Jeju on Jeju Island, and a location in Busan. Additionally, it has a joint venture for the Paradise City resort in Incheon, which is located outside of Seoul, with Sega Sammy Holdings Inc. of Japan.

In its Thursday report, Paradise Co. disclosed to investors a net loss of KRW5.30 billion for the three months concluded on December 31. This is in contrast to a KRW4.05 billion loss at this time last year and a KRW35.26 billion profit in the previous quarter.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the full year came to KRW228.77 billion, a 23.0% rise from the year before. Furthermore, its net profit of KRW66.36 billion represented an incredible 164.3 percent year-over-year gain.

Original story by: GGRAsia

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