SM Entertainment operating profits fall in second quarter

In the first quarter of their fiscal year, SM Entertainment reported a drop in operating profits by 80% in comparison to 2010. Their net profits also dropped by 90%.

Unfortunately, things have not gotten much better for the company in their second quarter. According to Money Today, SME's operating profits for the second quarter were 2.361 billion Korean won (about 2.15 million United States dollars), and their net profits were 2.863 billion KRW (2.68 million USD). These numbers are down 74.4% and 71.1%, respectively, from 2010.

SME also reported a 14.5% decrease in overall sales for the quarter, which came out to 21.24 billion KRW (19.9 million USD). However, SM's stock prices were sometimes temporarily aided by their groups' releases.

Sources: Money Today, jyj3