Seoul: K-pop powerhouse Hybe Co. on Tuesday reported its first-quarter net profit of 55.3 billion won (US$38.5 million), up 398.2 percent from a year earlier. Operating income for the January-March period was 21.6 billion won, up 50 percent from a year ago, the company said in a regulatory filing. Sales rose 38.7 percent to 500.6 billion won.
According to Yonhap News Agency, the earnings significantly surpassed market expectations. The average estimate of net profit by analysts stood at 44.3 billion won, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Hybe's robust financial performance demonstrates its strong position in the K-pop industry, with substantial increases in both operating income and sales compared to the previous year. The company continues to capitalize on the global popularity of its artists and content.