Seoul: Hotel Shilla Co. on Friday reported its second-quarter net income of 21.4 billion won (US$14.9 million), shifting from a loss of 883 million won a year earlier. Operating income for the April-June period was 61.1 billion won, marking a 606 percent increase from a year ago, as stated in a regulatory filing by the hospitality and travel retail company. However, sales experienced a decline of 5.2 percent, totaling 971.8 billion won.

According to Yonhap News Agency, the earnings fell short of market expectations. Analysts had projected an average net profit of 32.9 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. Despite the shortfall in meeting analysts' expectations, the marked shift from a net loss to a significant net income indicates a noteworthy turnaround in Hotel Shilla's financial performance for the quarter.