SM Entertainment, 1st quarter operating profit increased by 110%…
SM Entertainment (Co-CEOs: Jang Cheol-hyuk, Tak Young-jun) announced on the 7th that it recorded a consolidated operating profit of 32.6 billion KRW in the first quarter of this year, an increase of 109.6% compared to the same period last year. During the same period, sales increased by 5.2% to 231.4 billion KRW, and net profit surged to 24.29 billion KRW, a remarkable 1,852.4% increase, driven by the acquisition of a stake in Dear U, the operator of the paid fan-artist messaging platform 'Bubble.'
On a separate basis, performance figures increased by 21.5% in sales to 165.5 billion KRW, 105.2% in operating profit to 41.3 billion KRW, and 94.1% in net profit to 32.2 billion KRW. Despite a slight decrease in album sales, the expansion of music sales, growth in global concerts, and increase...