On Thursday, Hybe Co. reported a 5.9 percent year-on-year increase in its third-quarter net profit, coming in at 98.6 billion won (US$73.3 million). This figure was higher than the market’s average expectation of 65.2 billion won, according to a survey by Yonhap Infomax.
The K-pop entertainment giant also saw a 20.7 percent rise in sales to 537.9 billion won, while operating profit for the three months ending in September was 72.7 billion won, up from 60.6 billion won a year ago.
The company attributed the strong performance to a 104.4 percent year-on-year increase in album revenue and an 83.9 percent jump in concert ticket revenue.
This file photo taken on Sept. 27, 2023, shows the headquarters of Hybe Co. in Yongsan, Seoul. (Yonhap)
jaeyeon.woo@yna.co.kr
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