Hybe Co. on Thursday reported its first-quarter net profit of 2.9 billion won (US$2.1 million), down 87.4 percent from a year earlier.

Operating profit for the January-March period was 14.4 billion won, down 72.6 percent from a year ago, the company said in a regulatory filing. Revenue fell 12.1 percent to 360.9 billion won.

The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 12.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency