Seoul: Paradise Co., an operator of foreigner-only casinos, on Friday reported its second-quarter net income of 21 billion won (US$14.8 million), marking a 35 percent decline from a year earlier. The company, which runs casinos in Seoul, Busan, Incheon, and Jeju Island, along with hotels and resorts, disclosed these figures in a regulatory filing.

According to Yonhap News Agency, Paradise Co. reported an operating profit of 35.6 billion won for the quarter, down from 42.9 billion won in the same period last year. Despite the drop in net income, the company's sales increased by 11.8 percent, reaching 318.1 billion won.

The reported earnings surpassed market expectations, as analysts had predicted an average net profit of 20.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.