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Covid-19 pushes UnUsUaL Ltd's net profit for FY2020 down 52%
UnUsUaL Limited, the events-production unit of mm2 Asia, posted a net profit of S$6.3 million for the financial year (FY) ended March 31, down 52 per cent from a year ago on the back of the Covid-19 outbreak, during which concerts and events in its fourth quarter have been postponed.
Revenue still grew 9 per cent to S$61.9 million for the FY, mainly attributable to higher sales contribution from the promotion segment.
Earnings per share stood at 0.62 Singapore cents, down from 1.28 cents previously. No dividend was declared.
UnUsUaL’s chief executive Leslie Ong said the group has taken steps to strengthen its balance sheet in these unprecedented times.
“We have also implemented cost-cutting measures with the support of all staff within the group, and an immediate cut in all discretionary expenses as well as negotiating revised payment terms on existing commitments,” he said in a statement.
In March, the group had released a business update on the impact of Covid-19 on its business.
UnUsUaL’s operations have been affected on the back of countries imposing travel restrictions and safe-distancing measures to contain the spread of the virus, it had said.
The group said that it “remains positive” because of its relationships with its partners, artistes and management companies; the existing pipeline of Singapore and international concerts and events will resume when Covid-19 has been effectively contained.
“We believe our efficient business model and the recent steps we have taken to strengthen our balance sheet leave us well-positioned to navigate and manage our business through this crisis… We remain cautiously optimistic of the group’s long-term business prospects,” added Mr Ong.