Media content provider mm2 Asia on Friday said net profit more-than-doubled in the second quarter, boosted by growth at its events production and concert promotion business.
Net profit attributable to shareholders rose to S$4.6 million in the quarter ended September 30 from S$2 million a year earlier.
Revenue for the quarter increased 45 percent to S$31.4 million, due to the extra revenue generated from the unit, the UnUsUaL, which recorded event and concert promotion revenue of S$13.3 million.
UnUsUaL contributed about 42 percent to the group's second-quarter revenue.
General and administrative expenses surged 26 percent to S$6.7 million in the quarter due to higher employee compensation and depreciation costs.
"The group will continue to focus on its core business in Singapore and Malaysia as well as expand it to Hong Kong, Taiwan, China and also the U.S. We expect productions in these markets to continue to form a bigger part of our revenue into fiscal 2019," the company said in a statement.
mm2 Asia on Thursday said it entered into an agreement with Cathay Organisation Pte for the purchase of Cathay Cineplexes' Singapore cinema operations for S$230 million.
The move, which will see the Group acquiring the venerable "Cathay" brand, is part of the company's planned strategic expansion of its cinema business, mm2 Asia said in a regulatory filing.
Shares in the Singapore-listed company lost 1.8 percent to S$0.55. The stock has gained about 22 percent so far this year.
