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SPACKMAN Entertainment Group issued a positive profit guidance that it expects to report a net profit for the first quarter of financial year 2017 versus a net loss in the previous corresponding period.
This is based on the preliminary review of the draft unaudited consolidated financial results for the period, it said in an announcement on the Singapore Exchange.
It attributed the turnaround and improved results in the first quarter FY2017 mainly to the revenue and earnings recognition from Master, a film produced by wholly-owned Zip Cinema Co, production revenue from an upcoming manhunt thriller movie Golden Slumber, and lower operating expenses without Opus Pictures Ltd which the group had disposed of in August 2016.
"FY2017 will be the first fiscal year without Opus Pictures. Without this loss-making entity, the group expects to reduce its fixed overheads and operating expenses significantly," Spackman executive chairman and chief executive officer Charles Choi Spackman said, adding that the group was in the process of finalising its unaudited results for the quarter which will be announced by May 15.
The group had reported a net loss in FY2016 largely owing to lower revenue from the distribution of films, higher cost of sales and unrecognised revenue from share of profit for acting as producer for Master due to the timing of its theatre release in late December 2016.
Spackman shares lost 0.1 Singapore cent or 0.6 per cent to finish at 17.6 Singapore cents on Monday and was the day's fifth most active counter with 35 million shares worth S$6.3 million done.