ENTERTAINMENT and content provider GHY Culture & Media's net profit fell sharply to S$1.4 million for the six months ended June 2022, down from S$3.5 million in the year-ago period.
Group revenue for the period fell 53 per cent to S$20.6 million, down from S$43.8 million, it noted in its results filing on Thursday (Aug 11).
Earnings per share stood at S$0.0013, down from S$0.0032 previously.
Excluding the foreign-exchange loss of S$2.7 million due to the appreciation of the Singapore dollar against the Chinese renminbi arising from the group's significant operations in China, the group would have posted a net profit of S$0.9 million for the first half of 2022, the group said.
The group noted that its television (TV) programme and film-production business is expected to ramp up in the second half of the financial year, with upcoming drama productions. It said there were delays in contract signings with customers in the first half of the year due to tightened Covid-19 measures in China.
Contract assets representing the group's right to consideration for TV dramas and films production in progress but unbilled, went up by 0.6 per cent to S$59.7 million as at Jun 30, 2022.
The group's concert-production business resumes with upcoming concerts in FY 2022 and FY 2023. It has already sold out tickets for Jay Chou's concerts to be held in Singapore and Malaysia in FY2022 and January 2023; ticket sales for Australia are expected to commence in Q3 2022. The group is also a co-producer of concerts to be performed by Guns N' Roses and Power Station to be held in FY2022, which the group expects will tap into the pent-up demand for concerts.
The filing said: "The group continues to focus on monetising its portfolio of proprietary entertainment content and diversify its product offering with interactive content and multi-level entertainment, including short-form online videos, musicals and immersive live action role-playing games."
The counter closed flat at S$0.47 on Thursday, before the announcement was made.