Company Briefs: Spackman Entertainment Group

Spackman Entertainment Group

Catalist-listed Spackman Entertainment Group's second-quarter net loss widened to US$1.5 million (S$2.07 million), as it recognised less revenue from film production, the South Korea-based film and television company announced late on Tuesday.

The company had reported a net loss of US$212,000 for the year-ago period. For the six months ended June 30, Spackman incurred a net loss of US$1.2 million, reversing from a US$4.6 million profit a year ago.

Revenue fell 32 per cent to US$1.7 million in the second quarter.

Spackman recorded less revenue from its Sovereign Default project on a percentage-of-completion basis in the latest quarter than it had a year earlier from its Golden Slumber project, which led film production revenue to fall to US$220,000, from US$1.19 million.

Cost of sales declined to US$840,000 from US$1.23 million a year ago, largely on lower production costs incurred during the period for Sovereign Default.

But costs from distribution of films and others rose to US$370,000 from US$40,000 a year ago, due to the copyright fee of The Outlaws and other films.

Sovereign Default, which stars top South Korean actors Yoo Ah-in and Kim Hye-soo, is set to open in the second half.

The company also has interests in at least five other films scheduled to be released between the second half of this year and 2020.

Hong Leong Asia

Shares of Hong Leong Asia plunged 14.6 per cent to 70 cents after the company announced a one-for-one rights issue to beef up its capital.

The company on Tuesday also unveiled a widening of its second-quarter net loss to $33 million, from $18 million previously.

This was despite revenue rising by 6.3 per cent to $997.7 million for the three months ended June 30.

A version of this article appeared in the print edition of The Straits Times on August 16, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe