South Korean media giant CJ E&M saw a stellar first quarter, according to an earnings report released to investors this week.
A part of chaebol CJ Group, CJ E&M reported that its total revenue for Q1 was ₩394 billion (US$351 million), representing a year-on-year increase of 25.7%. Net profit was at ₩33.4 billion (US$ ), which represents a year-on-year increase of 168.1%.
CJ E&M attributes the rise in profits to success in its film sector. The company released two of this year’s highest-grossing local films – Confidential Assignment (공조) and Fabricated City (조작된 도시) – boosting its film revenue to ₩56.5 billion (US$50.3 million), a year-on-year increase of 40.2%.
The company’s upcoming titles include Cannes midnight screening selection The Merciless (불한당: 나쁜 놈들의 세상), Ryoo Seung-wan’s big-budget action drama The Battleship Island (군함도), spy thriller Operation (공작) and legal thriller Silence (침묵).
Despite a reported ban on Korean content in China due to the political conflict over the THAAD anti-ballistic missile system, the company also reported healthy growth in the export of their content, earning ₩71.1 billion (US$63.3 million) for a year-on-year growth of 174.8%.