mm2's net profit rises 13% for Q1

ENTERTAINMENT company MM2 Asia reported a 13.2 per cent increase in net profit from S$6.4 million a year ago to S$7.2 million for the first quarter ended June 30.

Revenue nearly doubled, rising 99 per cent to S$49 million mainly on contributions from business assets in Lotus Fivestar Cinemas and newly acquired subsidiary Cathay Cineplexes.

Earnings per share rose slightly to 0.62 Singapore cent, from 0.61 Singapore cent in the corresponding period of the last year.

The counter closed unchanged at S$0.42 on Tuesday before results were announced.