CityNeon doubles net profit for Q2 2018

Events and exhibitions firm CityNeon Holdings reported a doubling of net profit to S$9 million for the second quarter ended June 30, from S$4.2 million a year ago.

Revenue for the same period increased 1.5 per cent to S$31.9 million. For the first half of the year, net profit was up 102.9 per cent to S$13 million, while revenue increased 14.4 per cent to S$55.4 million.

CityNeon said the improvement was partly due to higher revenue from the group's Intellectual Properties Experiences (IPE) business segment, which saw an increase of 91.6 per cent in revenue for H1 2018. The IPE business contributed 52.5 per cent of total revenue for the period, up from 31.3 per cent in H1 2017.

Earnings per share increased to 3.7 Singapore cents from the restated earnings per share of 1.7 Singapore cents in Q2 2017.

CityNeon shares ended S$0.02 or 1.9 per cent higher at S$1.10 on Monday before the announcement.