CJ ENM Reports Operating Profit of 39.7 Billion KRW in Q1, Down 56.9% YoY (Comprehensive)
[Asia Economy Reporter Kim Heung-soon] CJ ENM announced on the 7th that its consolidated operating profit for the first quarter of this year was approximately 39.726 billion KRW, a decrease of 56.9% compared to the same period last year. During the same period, sales revenue fell by 26.6% to 810.767 billion KRW, and net profit decreased by 38.4% to 30.158 billion KRW.
CJ ENM stated that despite the market environment challenges such as COVID-19 and the traditional low season for the advertising market in the first quarter, it expanded its business capabilities across content and commerce sectors in response to changes in the digital environment.
The media division recorded sales of 340.8 billion KRW and an operating profit of 3.9 billion KRW, supported by the viewership ratings and popularity of major content such as "Crash Landing on You," "Hospital Playlist," and "The Cursed." In the second quarter, the company plans to strengthen the competitiveness of premium intellectual property (IP) such as "Three Meals a Day: Fishing Village 5" and "Oh My Baby," and reinforce its business foundation through diversification of advertising resources, including integrated TV and digital advertising products.
The commerce division achieved sales of 375.9 billion KRW, marking a 16% growth compared to the same period last year. The film division recorded sales of 54.2 billion KRW in the first quarter but posted an operating loss of 2 billion KRW. The music division's first-quarter sales were 39.8 billion KRW, with an operating loss of 20 million KRW.
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A CJ ENM representative said, "Despite the challenging market environment, digital sales and the commerce division's performance stood out," adding, "We will focus on strengthening profitability and maintaining competitiveness through digital and global business expansion based on unique IP and brands introduced in the second quarter."
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