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UnUsUaL posts 55% rise in Q2 net profit to S$5m

CONCERT promoter UnUsUaL Limited's earnings improved for the second quarter, jumping 54.8 per cent year-on-year to S$5 million, on stronger promotion and production revenue.

Revenue was up 57.5 per cent on year at S$29.6 million, led by higher contributions from its promotion segment. This outpaced cost of sales, which also rose 67.3 per cent to S$20.9 million. 

That said, gross profit margin slipped to 29.4 per cent from 33.5 per cent in the preceding year. 

Earnings per share for the quarter ended Sept 30 was 0.49 Singapore cent, up from 0.32 cent.

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For the first half, net profit was 8.7 per cent higher at S$6.1 million. Revenue grew at a slower clip - it rose 36.7 per cent to S$34 million. 

UnUsUaL's CEO Leslie Ong said the company delivered an "exceptional" quarter, as it expands from concert promotion and event production to owning live entertainment intellectual properties and theme-related shows for Singapore and the region.

"We see a rising demand in live events, as there is a growing number of audiences who value live experiences and willing to spend more on events and live shows," he said in his outlook. "We will continue to strengthen our current platform and services for the artists and bring more remarkable shows to the global markets," he said.