[Courtesy of Big Hit Entertainment]
SEOUL -- Helped the global success of South Korea's popular boy group BTS, the group's management agency reported a strong business performance, posting a 173 percent increase in net profit and no borrowings from banks.
Big Hit Entertainment said in a regulatory filing on Thursday that its net profit in 2017 jumped to 24.5 billion won (22.9 million US dollars) from nine billion won a year ago. Operating profit rose 213 percent on-year to 32.5 billion won on sales of 92.4 billion won, up 162 percent.
It was the company's biggest annual gain since Bang Si-hyuk, a lyricist, composer and producer, left JYP Entertainment to found his own label in 2005. Big Hit attributed its gains to brisk sales of BTS' album and concert ticket sales. The music video for BTS' "MIC Drop" remix topped 200 million views on YouTube on Thursday.
reporter
Lim Chang-won
cwlim34@ajunews.com
