Seoul: Hotel Shilla Co. on Tuesday reported a net loss of 149.2 billion won (US$103.7 million) for the third quarter, continuing its financial struggles compared to the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the July-September period reached 11.4 billion won. This marks a significant turnaround from the 17 billion won loss reported in the same period last year. Additionally, the company experienced a modest revenue increase of 0.9 percent, bringing total earnings to 1.02 trillion won.

Despite the improvement in operating income, the results fell short of market expectations. The operating profit was 28.5 percent lower than the average estimate, as determined by a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the survey did not provide an estimate for the net profit.