Hybe posts disappointing Q1 operating profit

[Photo by Yonhap]

South Korean music label Hybe Co. posted a first-quarter operating profit of 14.4 billion won ($10.43 million) that fell by an estimated 72.6 percent from the same period a year earlier, according to regulatory filings Thursday.

The sales revenue for the first quarter fell 12.1 percent year-on-year to 3.06 trillion won and net profit dropped 87.4 percent to 2.9 billion won.

The first-quarter operating profit fell 4.3 percent below the market consensus of 15.1 billion won, as compiled by Yonhap Infomax.