mm2 Asia Q1 profit up 30% to S$6.4m

ENTERTAINMENT company mm2 Asia on Monday posted a 30 per cent year-on-year rise in net profit attributable to equity holders to S$6.4 million for its first quarter, on stronger performance by its core business of movie and TV production.

Revenue rose 83 per cent to S$24.6 million for the three months ended June 30, up from S$13.4 million last year. This is boosted by additional revenue generated from the newly acquired subsidiary, the UnUsUaL Limited (which recorded event and concert promotion revenue of S$6.2 million), as well as additional revenue generated from cinema operation business, said mm2.

Earnings per share came up to 0.61 Singapore cent,versus 1.06 cents the year ago.

No dividends have been declared for the period.

On Friday, mm2 said that it is still in discussions with Village Cinemas Australia on possible options to proceed with the purchase of a 50 per cent interest in Golden Village cinema business in Singapore.