JYP Entertainment posted an operating profit of 40.7 billion won in the third quarter of this year. That was down 15.7% from the same period a year earlier.
JYP Entertainment disclosed on the 12th that third-quarter revenue came to 232.6 billion won and operating profit to 40.7 billion won. Revenue rose 36.5% on-year, but operating profit fell.
The market had initially expected revenue of 226.7 billion won and operating profit of 51.6 billion won. Third-quarter operating profit missed estimates. Net profit also plunged 30% to 27.1 billion won from a year earlier.
JYP said, "Album releases and world tours by major artists, along with domestic management activities, drove the highest quarterly revenue on record."
It added, "Operating profit reflected expanded production costs due to re-signing with major artists and an increase in the number of album releases," and explained, "Apart from the debuts of rookie artists, artist activities were concentrated on domestic concerts and fan meetings, leading to a decline."