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New business unit gives Cityneon a boost for H1
LIFTED in part by higher revenue, Cityneon Holdings chalked up a net profit of S$4.74 million in the first six months of the year, a reversal from a net loss of S$713,000 in the year-ago period.
For the six months ended June 30, revenue shot up 13.8 per cent to S$46.32 million from the previous year. The higher revenue was mainly contributed by Intellectual Properties Rights (IPR), a new business unit which arose from the acquisition of Victory Hill Exhibitions in September 2015. Revenue from IPR was mainly generated from the travelling exhibitions and permanent exhibitions.
H1 earnings per share came in at 2.1 Singapore cents, a reversal from a loss per share of 0.8 Singapore cent in the preceding year.
Cityneon said: "The group will continue to seek opportunities to extend our business, to further strengthen our business performances."