SINGAPORE - mm2 Asia announced on Monday (Aug 14) a 30 per cent increase in first-quarter net profit to S$6.4 million from S$4.9 million a year ago.
Revenue for the three months to end June jumped 83 per cent year-on-year to S$24.6 million from S$13.4 million. This was due mainly to additional revenue generated from newly acquired subsidiary, the UnUsUaL Ltd, which recorded event and concert promotion revenue of S$6.2 million, as well as additional revenue generated from the cinema operation business.
The group's core movie and TV production business also saw a 44.8 per cent increase in revenue to S$13.9 million.
No dividend was declared for the quarter.
On Friday, mm2 said that it is still in discussions with Village Cinemas Australia on possible options regarding the purchase of a 50 per cent interest in Golden Village cinema business in Singapore.