YG Entertainment saw a drastic jump in operating profit in the first quarter of 2017.
On May 11, the income statement revealed that YG Entertainment earned 14,825,000,000 KRW (~ $13,182,538) in operating income for the first quarter. This is a 56.6% increase year over year compared to the same period in 2016 when YG posted an operating income of 9.4 Billion KRW (~ $8.3 million).
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As for the revenue, YG Entertainment recorded 106.88 Billion KRW (~ $95 million), which is a 46.5% YoY increase. During the same period in 2016, YG posted a revenue of 72.95 Billion KRW (~ $65 million). However, as operating expenses increased, the net income saw a decrease of 6.8% YoY to 5,992,000,000 KRW (~ $5,325,629) The net income in Q1 of 2016 was 7,096,000,000 KRW (~ $6,309,834).
The agency is expected to continue its success in the second quarter with solo promotions of Big Bang members, iKON’s comeback, WINNER’s Japan tour, and more.
Shares of YG closed at 34,000 KRW (~ $30.23) on May 11, an increase of 4.13% for the day.
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