SM Entertainment reports increase in operating profit

 
SM Entertainment reported 35.7 billion won ($27.4 million) in operating profit in the second quarter, beating the market consensus on strong album sales and the global resumption of concerts by its artists.
 
The K-pop agency’s quarterly operating profit skyrocketed 84 percent on year, exceeding the market consensus of 31.2 billion won compiled by FnGuide.
 
Profit improvements were made due to the spreading out of fixed costs from increased revenue. A boost in album sales, such as aespa’s EP “My World” which sold over 2 million copies, contributed to the revenue increase as well as the increasing number of concerts held globally. …