Tuesday, August 27, 2013
[News] 2PM accounts for 79.91% of JYP's profits in first half of 2013
After JYP Entertainment's US branch suffered a heavy blow, the company ended up in the red for the past fiscal year.
According to Korea's Financial Supervisory Service, in the beginning of the year, unlisted company JYP, which merged with JYP Entertainment earlier this year, earned 9,900,000,000 KRW (approximately $8,890,000 USD) in sales, and 2,000,000,000 KRW (approximately $1,796,000 USD) in net profit. However, taking last year into account, the company had a net loss of 400,000,000 KRW (approximately $359,200 USD). The loss came from JYP's United States branch JYP Entertainment Corporation, where JYP holds 90% of the stocks.
Because of this, the JYP Entertainment stock on the KOSDAQ was lowered by 6% to 16,620 KRW (approximately $15 USD). JYP Entertainment still has some risk because of the fact that 2PM makes up most of JYP Entertainment's profits. 2PM was responsible for 61.63% of JYP Entertainment profits in 2011, which rose to 72.42% in 2012. So far in 2013, it rose to an even higher 79.91%.
Source: Korea Economy via Nate via allkpop