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Spackman narrows FY15 loss to US$1.1m on lower costs

SPACKMAN Entertainment Group narrowed its net loss to US$1.1 million, or 0.28 US cent per share, in 2015 as it trimmed costs amid a smaller slate of films released during the year.

The Korean movie production company had lost US$8.1 million in 2014.

Revenue fell 16 per cent to US$13.6 million with only one film, The Priests, released during the year compared to four in the year before.

The Priests grossed 42.4 billion won (S$48 million) at the Korean box office after its Nov 5 release date, allowing Spackman to record about US$10.56 million of revenue as presenter and investor. The rest of the group's revenue during the year came from distributing past films, producing documentaries and other business lines.

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Despite the revenue decline, cost of sales shrank by an even steeper 36 per cent to US$9.9 million, allowing Spackman to post a gross profit increase to US$3.6 million from US$507,000 the year before.

Spackman executive chairman said the company is "considering plans to restructure its loss-making businesses in the coming year".

Spackman shares staged a sharp rally in February, climbing 69.5 per cent to 13.9 Singapore cents as at Friday's close from the end-January price of 8.3 Singapore cents.