Big Hit Entertainment sees net profit rise 92 percent in Q3

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Big Hit Entertainment sees net profit rise 92 percent in Q3

Published: 16 Nov. 2020, 18:38

Big Hit Entertainment, the management agency behind boy band BTS, said Monday its net profit rose 92 percent from the previous year on the back of strong album and merchandise sales.

Net profit stood at 27.2 billion won ($24.4 million) in the July-September period, compared with 14.2 billion won the previous year, the company said in a regulatory filing.

Operating profit jumped 73 percent on year to 40.1 billion won, while sales rose 54 percent to 190 billion won over the cited period.

Big Hit's third-quarter earnings report is its first since the company went public last month.

Big Hit said in a statement that it recorded strong album sales and continued growth in its official merchandise sales.

BTS made history this year by becoming the first K-pop act to top the Billboard 100 with its single "Dynamite."

Big Hit added that its acquisition of talent agency Pledis also contributed to strong sales in the third quarter.

The company acquired Pledis, which is behind major K-pop groups, including boy band Seventeen, in May this year.

Shares in Big Hit jumped 7.2 percent to 171,500 won, outperforming the broader Kospi's 1.97 percent gain. The company reported its third-quarter earnings before the session's open.

Yonhap