GHY Culture & Media posts S$3.5m net profit, down 73%

ENTERTAINMENT and content provider GHY Culture & Media saw net profit fall 73 per cent to S$3.5 million for the six months ended June 2021, down from S$13.0 million in the year-ago period.

Group revenue for the period rose 18 per cent to S$43.8 million, up from S$37.2 million.

Earnings per share stood at 0.32 Singapore cent, down from 1.43 cents in the year-ago period.

While revenue from the production of television programmes and films almost doubled year on year, GHY's earnings took a hit due to an absence of revenue contribution from concerts, the company said in a bourse filing after trading hours on Wednesday.

The concert production business segment incurred a S$0.2 million loss for the first half of FY21. In comparison, it recorded about S$8 million in gross profit in the year-ago period.

The group said it expects a stronger second half, supported by a pipeline of dramas and films, new initiatives for content acquisition and investments in post-production visual effects.

GHY shares commenced trading on Singapore's mainboard last December, and the company received about S$101 million in net proceeds from its initial public offering. As of Wednesday, S$26.5 million was used to invest in production, acquisitions, joint ventures and/or strategic alliances to expand its TV and film production business. Another S$8.2 million went towards general working capital purposes.

GHY shares closed at 60.5 Singapore cents on Wednesday, down 1.5 cents or 2.42 per cent.