SEOUL, April 21 (Korea Bizwire) — Golf courses in South Korea reported record operating profits last year following the coronavirus outbreak.
Audit reports that South Korean golf clubs submitted to the Financial Supervisory Service showed that the 257 golf courses saw their profits soar by 31.6 percent last year, the highest jump since 2009, according to the Korea Leisure Industry Research Institute.
Public golf courses, in particular, reported an unprecedented 40.4 percent increase in profits last year.
Private golf courses saw operating profits jump 18.1 percent, the highest level since 2010 (11.8 percent).
Increasing demand has prompted golf courses to drastically raise green fees and rental prices for golf carts, boosting both sales and operating profits, the institute said.
“There is growing criticism against public golf courses that continue to raise prices even after generating massive profits,” said Seo Cheon-beom, director of the Korea Leisure Industry Research Institute.
“Public golf courses are undermining the popularization of golf, and should receive fewer tax benefits.”
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