[Announcement+] Daewon Media Q2 Operating Profit Up 206% YoY

[Asia Economy Reporter Kum Boryeong] Daewon Media posted strong earnings in the second quarter, with consolidated operating profit increasing by more than 200% compared to the previous year.

Daewon Media announced on the 14th that its consolidated operating profit for the second quarter rose 206.5% year-on-year to 2.37 billion KRW. During the same period, sales increased by 58.1% to 65.72 billion KRW, and net profit grew by 114.1% to 1.98 billion KRW.

On a separate basis, operating profit recorded a remarkable growth of 504.6% compared to the previous year, reaching 270 million KRW. Sales and net profit also increased by 76.1% and 32.5%, respectively, to 52.57 billion KRW and 160 million KRW.

Regarding consolidated results, the continued success of the Nintendo Switch game 'Moyeobwayo Dongmul-ui Sup' (Animal Crossing: New Horizons) significantly boosted related sales. The online publishing business, including webtoons and web novels, also grew, and the broadcasting business, which had been somewhat sluggish in the first quarter, improved, leading to increases in both operating profit and net profit.

A Daewon Media representative explained, "In line with the untact society, we are continuously expanding our online business areas such as webtoons, web novels, and games. Additionally, to improve the performance of the stagnant offline business sector, we are developing a One Source Multi Use (OSMU) business utilizing globally popular intellectual properties (IP), such as holding the 'SpongeBob’s Search for Happiness' exhibition," they said.