mm2 Asia posts 30% rise in Q1 profit, lifted by UnUsUaL

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.