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mm2 Asia's profit more than doubles to S$4.6m for Q2
ENTERTAINMENT company mm2 Asia posted a net profit of S$4.6 million for its second quarter ended Sept 30, 2017, a sharp increase from the S$2.02 million seen a year ago, mostly due to contribution from events production and concert promotion business UnUsUaL Limited, a subsidiary acquired by the group in August 2016, and also from their core business.
Revenue jumped 45.4 per cent to S$31.4 million for the quarter, also on the back of UnUsUal Limited and their core business.
Its core business of producing, distributing and placing products for movies and TV/online content continues to form the majority of its revenue, contributing about 40 per cent with S$22.2 million.
The group said that it will continue to strengthen its efforts to create media and content for Asia, focusing on its three drivers of growth; the first is regional expansion, North Asia in particular, the second is its multi-platform strategy, and the third is by creating copyrights.
Earnings per share for the quarter stood at 0.40 Singapore cents, up slightly from 0.39 Singapore cents. No dividend was declared for the quarter.
The group announced on Thursday it has entered into an option agreement to acquire all of Cathay Cineplexes' Singapore cinema operations, with the acquisition aimed to close on Nov 24, for a sum of S$230 million.