Big Hit Entertainment Reaches New Heights In 3rd Quarter Income For 2020
Big Hit Entertainment has announced their increased operating profit number!
This is the company’s first performance report since their debut on the Korea Composite Stock Price Index (KOSPI) last October 15. Their operating profit for the third quarter of this year was 40.1 billion won (approximately $36.2 million), a 73 percent jump from the same period last year.
Considering the same period, revenue showed an increase of 54 percent to 190 billion won (approximately $171.4 million). Net profit increased 92 percent to 27.2 billion won (approximately $24.5 million).
Compared to the second quarter of 2020, numbers in the third quarter increased by 22 percent, 38 percent, and 51 percent for revenue, operating profit, and net profit, respectively.
Until the third quarter of this year, accumulated operating profit was recorded to be 89.9 billion won (approximately $81 million), accumulated revenue 484 billion won (approximately $436.3 million), and net profit 60.4 billion won (approximately $54.4 million). The rate of increase from the same period last year for these numbers are 20 percent, 9 percent, and 13 percent, respectively.
Big Hit Entertainment stated, “Album sales were steady and official merchandise sales rose steadily. Third quarter numbers were strong also due the acquisition of Pledis Entertainment.”
The company’s performance was measured in accordance with Korea’s International Financial Reporting Standards (K-IFRS). The numbers have not yet been reviewed by external auditors and are subject to change.