mm2 Asia H2 net loss widens to S$166.6 million amid fair-value losses

[SINGAPORE] Former Cathay Cineplexes operator mm2 Asia posted a net loss of S$166.6 million for its second half ended Mar 31, widening from a net loss of S$101.3 million in the year-ago period.

In tandem, its basic loss per share (LPS) from continuing operations stood at S$0.0215 for the six months, from a basic LPS of S$0.0194 in the previous corresponding period.

For H2 FY2026, it reported negative revenue of S$1.7 million, down from a revenue of S$46.4 million in the year-ago period; it attributed this to fair-value losses from its film and entertainment investments.

For the half-year, it recorded a S$10.3 million loss on fair-value changes in its investments in its films and entertainment events. This, with an H2 revenue of S$8.7 million excluding fair-value losses, resulted in the negative revenue of S$1.7 million at the time that revenue was recognised.

The group did not declare a dividend for the period.

For the FY2026, mm2 Asia’s net loss widened to S$206.3 million, from S$105.2 million in the previous financial year.

Its full-year basic LPS was S$0.0275, up from S$0.0164 in FY2025.

Full-year revenue down 95.9%

Revenue for FY2026 plunged 95.9 per cent year on year (yoy) to S$4.7 million, from S$112.5 million. This was driven by lower contributions from the content business, which posted a 99 per cent yoy drop in sales to S$1.1 million, from S$109.8 million in FY2025.

The declines came as the content business logged lower production revenue, from completing fewer projects than in the previous year. The business also logged lower distribution income and management fees revenue, along with increased fair-value losses on investments in films and entertainment events.

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For FY2026, cost of sales rose by around 52.5 per cent to S$138.5 million, from S$90.8 million in FY2025. This was attributed to the cost charge out by the content business, in relation to projects that were no longer commercially viable.

Mm2 Asia said that material uncertainties remain in relation to the outcome and timing of its restructuring exercises, funding initiatives and overall recovery plans.

The company intends to focus on prudent cash flow management, cost optimisation and operational discipline, while it evaluates opportunities to strengthen its financial position and support its remaining core businesses.

The group also plans to continue leveraging its experience and capabilities in content development and production, while maintaining a “disciplined and cautious approach amid the evolving industry landscape”.

Shares of mm2 Asia closed flat at S$0.003 on Friday, before the news.