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Monday, April 15, 2024

HYBE reports 91 percent surge on year in net profit for third quarter

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Boy band Seventeen [PLEDIS ENTERTAINMENT]
Boy band Seventeen [PLEDIS ENTERTAINMENT]

HYBE reported a consensus-beating 91 percent on-year surge in net profit during the third quarter of this year due to album sales and the resumption of offline concerts.

The company’s July-to-September net came in at 94.9 billion won ($66.7 million), beating the 47.2 billion won forecasted by analysts, according to FnGuide.

Revenue also jumped 31 percent compared to the same period last year, coming in at 445.5 billion won.

Of the total, albums took up 129.2 billion won and concerts 47.2 billion won. Singer J-Hope of boy band BTS and bands Seventeen, Enhypen and NewJeans all released albums during the third quarter.

Operating profit slipped by 8 percent to 60.6 billion won due to the cost of holding audition programs, but the company “hopes it will prove as a profit with future debuts,” according to a press release.

“HYBE is looking to M&As and establishing joint ventures so that we may expand on our multi-label structure both in and outside of Korea,” the company said.

“We are looking to various labels, managements and any other companies that pursue businesses related to musical intellectual property [IP]. Tech companies are also being considered.”

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]