GHY Culture & Media : XJB 0% posted a net loss of S$1.7 million for the half year ended Jun 30, 2023, up from a net loss of S$1.4 million in the same period a year earlier. 

This was despite the group reporting a 58 per cent increase in revenue to S$32.7 million, up from S$20.6 million the year before. 

In a bourse filing on Monday (Aug 7), the group attributed the rise in revenue to a S$13.8 million contribution from its concert production business segment as it produced sold-out Jay Chou concerts in Malaysia and Australia in the first half of the year. 

Meanwhile, the group attributed the net loss to a net foreign exchange loss of about S$3.5 million, which was mainly due to the appreciation of the Singapore dollar against the Chinese Yuan. 

It added that, excluding the net foreign exchange loss, the group would have posted a net profit of about S$1.5 million. 

In the second half of the year, the group expects to invest in Chou’s concerts in four Chinese cities, including Taiyuan and Hohhot. 

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GHY group chief executive and executive chairman Guo Jingyu said that higher gross profits posted by all three of the group’s business segments, with higher overall gross profit margins, reflect a return to a “more normalised” operating environment as China reopens.

He added that the group continues to maintain a healthy pipeline of long and short-form dramas and films. 

Shares of GHY closed 1.4 per cent or S$0.005 lower at S$0.365 on Monday, before the results were released.