Cube posts an operating loss of 900 million KRW in Q1 2017

Cube posts an operating loss of 900 million KRW in Q1 2017

Cube Entertainment suffered more losses in the first quarter of 2017. 

On May 12, the income statement for Cube Entertainment’s Q1 2017 was revealed. Cube posted an operating loss of minus 900 million KRW (minus $800,000) for the first quarter of the year. In the same period last year (Q1 2016) they posted an operating profit of 39 million KRW (around $34,000).

In terms of revenue, Cube posted 4.673 Billion KRW ($4.15 million) which is up 13.66% YoY (Year over Year). Cube posted a revenue of 4.111 Billion KRW ($3.6 million) in Q1 2016.

For net income, Cube posted minus – 764 million KRW ( -$680,000). In the same period last year (Q1 2016), Cube posted a positive net income of 16.97 million KRW (around $15,000).

It might look bad but compared to Q4 2016 when the company lost billions in KRW and millions in USD, they actually have stopped the bleeding somewhat and minimized the losses. With further reductions in operating costs and some money coming in from their artists, Cube could turn it around and go from the red to the black.

Shares of Cube Entertainment closed at 1,880 KRW ($1.67) per share on May 12, down 1.83% for the day.

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