Unusual posts net loss for H1 FY2021 amid pandemic disruption
UNUSUAL Limited, the events-production unit of mm2 Asia, narrowed its net loss by 54.1 per cent to S$1.6 million in the half-year ended Sep 30, 2021, from S$3.4 million a year ago.
Loss per share stood at 0.15 Singapore cents , down from 0.33 Singapore cents from the previous year.
Revenue for the half year declined by 60.8 per cent to S$426,346, down from S$1.1 million the year before.
The company attributed the significant decrease in revenue to lower promotion revenue in H1 FY2022 due to a 67 per cent decrease in the number of completed projects.
"Nevertheless, with the gradual resumption of small-scale live performances in Singapore, the number of completed projects for production and others segments increased by 400 per cent and 50 per cent respectively in H1 FY2022 as compared to H1 FY2021," the company said.
No dividend was declared as the group intends to conserve cash for potential upcoming projects. No dividend was declared a year ago either.
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Unusual said that the group is taking a careful and measured approach to roll out live events in Singapore as the government had estimated that it would take between 3 and 6 months to get to a "new normal" of living with Covid-19 in October.
It noted that its presentation of La Clique, a family-friendly theatrical performance at the Marina Bay Sands Expo & Convention Centre was well received and had been completed on Nov 7. Up to 400 audience members could attend each show.
The group also has its eyes on vaccinations across Asia and China as it looks to crystallise its pipeline of projects as soon as possible.
Shares of Unusual closed flat at S$0.136 on Monday.
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