[EQUITIES] Hotel Shilla’s operating profit to reach W21.2b in Q2

[THE INVESTOR] Mirae Asset Daewoo Securities forecast Hotel Shilla will post a 28.2 percent on-year increase in operating profit in the second quarter, and a 13.1 percent climb in sales.

On a consolidated basis, the brokerage said operating profit would reach 21.1 billion won (US$18.4 million), while sales stand at 955.4 billion won.

Mirae Asset Daewoo said that the Samsung affiliate was likely to continue growing this year despite higher commission expenses and an operating loss from Shilla’s duty-free shop in Singapore’s Changi Airport.

This is mainly because sales had fallen significantly in 2015 on the back of MERS outbreak, Mirae Asset Daewoo said.

By Kim Ji-hyun (jemmie@heraldcorp.com)