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MM2 Asia posts 42% rise in Q4 net profit

MM2 Asia, the new owners of the Cathay movie theatre chain, on Tuesday reported a 42 per cent increase in net profit for its fiscal fourth quarter.

Net profit for the three months ended March 31, 2018 stood at S$9.07 million, up from a restated S$6.39 million a year ago. Revenue rose 96 per cent to S$83.6 million. The company did not provide a breakdown of its quarterly results.

For the full fiscal year, the group posted a net profit of S$26.4 million, up 50.9 per cent. Revenue about doubled to S$192 million from S$95.7 million, reflecting in part additional revenue from its business in cinema operations.

"The group will continue to actively pursue business opportunities to expand and strengthen our capabilities and competencies to become a leading media and content company in Asia," it said in a regulatory filing.

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