THE WHAT? The Shilla Group has reported its interim results for the fourth quarter of fiscal 2021. The Korean travel retail and hotel operator saw revenue grow 34 percent yoy to reach KRW1,129.9 billion.

THE DETAILS Operating profit turned to gain, hitting KRW27.1 billion, versus 2020’s KRW283.2 billion loss, as travel retail bounced back from its pandemic lows. Shilla said that downtown revenue rose 35 percent and airport revenue increased 48 percent yoy. Travel retail revenue in 4Q2019 stood at KRW1,410.8 billion, versus the KRW1,007.4 billion in 4Q21.

THE WHY? The Shilla Group’s swing to black comes as the world’s economy gradually recovers from the shock of 2020’s lockdowns.