SINGAPORE - Spackman Entertainment Group recorded its highest ever quarterly net profit since its initial public offering with a net profit of US$4.7 million (S$6.6 million) for its first quarter ended March 31, swinging from a net loss of US$0.9 million for the same period last year.
Revenue jumped 108.2 per cent year-on-year to US$8 million for the quarter, mainly as a result of an increase of US$2.1 million from production of films and an increase of US$2 million from distribution of films and others.
The increase in revenue from production of films was primarily attributable to the group's upcoming film "Golden Slumber", produced by wholly-owned subsidiary Zip Cinema Co Ltd, which generated US$3.1 million of revenue. The increase in revenue from distribution of films and others was mainly due to the recognition of the share of profit for acting as the producer for "Master" of US$3.5 million for the quarter.
Said executive chairman & CEO Charles Spackman: "The first quarter of 2017 is a significant turning point for the group. After having shed our loss-making divisions last year, we are gaining momentum towards a more consistent and stable operating platform.
"Overall, Spackman Entertainment Group is in the best financial position that it has ever been since its establishment. From this point onwards, we plan to move aggressively in deploying and investing our capital to sustain this current momentum and pursue further avenues of growth."