Chorokbaem Media Achieves Record Quarterly Performance... "320 Billion KRW Net Profit on Separate Basis"

[Asia Economy Reporter Jang Hyowon] Chorokbaem Media succeeded in achieving growth in sales as well as operating profit and net profit in both consolidated and separate financial statements for the second quarter of this year. In particular, the separate net profit for the second quarter exceeded 32 billion KRW, setting a record for the highest quarterly net profit.

Chorokbaem Media announced on the 17th through a disclosure that its separate sales for the second quarter of this year increased by 9.19% to 16.4 billion KRW compared to 15 billion KRW in the same period last year, and operating profit rose by 7.75% to 1.1 billion KRW. During the same period, net profit reached 32 billion KRW, marking a significant turnaround to profitability.

On a consolidated basis, sales for the second quarter of this year reached 60.4 billion KRW, a 128.26% increase from 26.5 billion KRW in the same period last year, achieving over 100 billion KRW in half-year sales for the first time ever. Operating profit during the same period increased by 91.8% to 3.2 billion KRW, and net profit turned around to 7.8 billion KRW.

Chorokbaem Media boosted its sales growth this quarter by producing numerous highly talked-about works, including ‘Marriage Lyrics and Divorce Music Season 3’ aired until May, ‘My Liberation Notes’ for JTBC and Netflix released in April this year, and the currently airing 120-episode series ‘Secret House’ on MBC.

A representative from Chorokbaem Media stated, “With four works scheduled to launch in the second half of the year, including the second self-produced IP drama ‘Bad Memory Eraser,’ which was pre-sold to Japan in April, and ‘Youth,’ the trend of improving performance is expected to accelerate. Recently, we formed a consortium with Bucket Studio to acquire ‘Studio Santa Claus,’ and based on our strong internalized content production value chain, we will continue to supply content to various platforms including global OTTs.”

He added, “This quarter’s record net profit was also due to gains from the disposal of investments in subsidiaries. This performance ranks among the top levels of domestic content producers, including large corporations.”

On the 10th, Chorokbaem Media secured a majority stake by acquiring 19.82% of shares in the comprehensive entertainment company ‘Studio Santa Claus’ through ‘Chorokbaem New Technology Association No. 6.’ Recently, Chorokbaem Media has held various discussions with global OTT companies such as Amazon, Paramount Global, and HBO in Singapore regarding content supply. Industry experts expect this acquisition to accelerate the expansion of Chorokbaem Media’s IP-based content business.