CityNeon Q1 net profit up 80.4% to S$4m

MAINBOARD-LISTED events and exhibitions firm CityNeon Holdings posted a 80.4 per cent increase in net profit for the first quarter from S$2.2 million in the year-ago period to S$4 million, it said on Friday evening.

Earnings per share increased to 1.6 Singapore cents from 0.9 Singapore cent in the previous year.

For the three months ended March 31, revenue went up 38.4 per cent from S$16.9 million in Q12017 to S$23.5 million in Q12018.

The rise in revenue was due mostly to the increase in revenue contributed by its intellectual properties experience (IPE) segment.

CityNeon added that revenue from its IPE segment contributed to approximately 62.2 per cent of its topline for the first quarter, up from 43.8 per cent from Q12017.

Net asset value per share crept up to 25.8 Singapore cents as at March 31, from 24.8 Singapore cents three months ago.

CityNeon shares ended S$0.03 or 2.9 per cent higher at S$1.07 on Friday before the announcement.