NoonTalk posts S$1.1 million H2 loss, bringing full-year red ink to S$3.2 million
Wong Pei Ting
NOONTALK Media sank into the red in its fiscal second half from the year before, on a 60.6 per cent drop in revenue from its main business segment, production.
The Catalist-listed media entertainment company is led by Singaporean actor, TV host and radio DJ Dasmond Koh.
Its latest financial statement, released on Monday (Aug 21), showed that the production segment made S$1.2 million in the six months ended Jun 30, 2023, versus S$3 million in the corresponding half-year period a year ago.
As a result, the company’s H2 net loss stood at S$1.1 million, reversing a net profit of S$734,377. The results translate to loss per share of 0.57 Singapore cent, versus earnings per share of 0.47 Singapore cent.
Overall, revenue was down 46.8 per cent to S$2.2 million, from S$4.2 million in H2 2022. The company attributed the S$1.8 million drop in production revenue to lower income from film and drama, as well as livestreaming events.
Contributing to the topline decline was also a 25.7 per cent drop in revenue from its management and events segment. The segment brought in S$959,922 in the fiscal second half, versus S$1.3 million in the year-ago period, when the company saw higher demand for artiste engagement to deliver Covid-related messages, it noted.
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No dividend has been declared or recommended for the fiscal year, as the company recorded a loss in the year, it said.
NoonTalk posted a full-year loss of S$3.2 million with the latest H2 results, reversing a net profit of S$22,407 in the previous financial year. Full-year revenue stood at S$4.2 million, down 34 per cent from S$6.4 million in the previous FY.
The full-year loss was exacerbated by a 112 per cent or S$1.9 million increase in administrative expenses.
The company attributed this to a rise in one-off listing and associated expenses of S$1.3 million, staff costs, and increase in depreciation of plant and equipment arising from renovation works performed following the extension of office and studio lease. There was also an increase in depreciation of right-of-use asset arising from the adjustment of the office and studio lease to a higher rental rate, the company added.
As at Jun 30, 2023, NoonTalk’s current assets stood at S$6.1 million, versus S$5.9 million a year ago. They comprise mainly cash and cash equivalents, trade and other receivables and contract assets.
Looking ahead, the company said the local and regional media and entertainment market is witnessing a “noteworthy” increase in demand for in-person entertainment experiences, which are projected to maintain a compound annual growth rate of 12.8 per cent from 2021 through 2028.
NoonTalk added that movie production “The Chosen One”, which it had invested in, is currently in post-production and is set for release in the second quarter of 2024.
Shares of NoonTalk closed flat at S$0.11 on Monday, before the results announcement.
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