Patrick Frater Asia Bureau ChiefHYBE, the management firm behind Korean pop sensation BTS, booked a 21% increase in net profits in the three months to June 2021 and said that its artists had returned to “full-fledged” activities following the coronavirus hiatus.Previously known as Big Hit Entertainment, the firm reported a year-on-year increase of 56% in sales, which reached KRW279 billion ($244 million).
Operating profits increased by 23%, while net after tax profits increased to KRW17.2 billion ($15.1 million) in the three-month period.
It revealed costs of KRW10 billion ($8.76 million) incurred in April relating to the acquisition of U.S. talent firm Ithaca Holdings, which represents Ariana Grande and Justin Bieber among its headline.
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