Debt-ridden mm2 Asia’s H1 net loss deepens to S$39.7 million as existential threat looms

[SINGAPORE] Entertainment group mm2 Asia on Thursday (Nov 13) reported a net loss of S$39.7 million for the half-year ended Sep 30, widening from the net loss of S$3.9 million for the year-ago period.

Loss per share (LPS) from continuing operations for H1 FY2026 stood at S$0.0061, versus the LPS of S$0.0009 a year earlier.

Revenue plunged 53.2 per cent to S$40 million, from S$85.4 million in H1 FY2025.

This came on the back of a decline in contributions from the group’s content business, which posted a revenue of S$5 million, down 92.3 per cent year on year from S$64.9 million.

However, revenue from mm2 Asia’s concert and event business rose to S$33.6 million, up 70.6 per cent from S$19.7 million a year earlier. This was attributed to a higher number of completed projects for the half-year.

Revenue from the rest of mm2 Asia’s business also increased year on year, rising 8.3 per cent to S$1.3 million from S$1.2 million previously.

The group did not declare a dividend for H1 FY2026.

The latest results come as mm2 Asia faces mounting payment demands from creditors, including banks and landlords of outlets of its shuttered cinema chain Cathay Cineplexes, which ceased operations and entered voluntary liquidation in September.

News of the group’s troubles first came to light in February, when The Business Times reported that Cathay Cineplexes had received payment demands totalling to around S$2.7 million from the landlords of its cinema outlets at Century Square and Causeway Point.

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Shares in mm2 Asia last traded at S$0.003 before they were suspended on Tuesday, after its board assessed that the group cannot prove its ability to continue as a going concern.