Strong revenue growth lifts UnUsUaL's Q1 net profit

SINGAPORE - Event promoter and production firm UnUsUaL more than doubled its first quarter net profit, thanks to a surge in revenue.

Net profit for the three months to June 30 rose sharply to S$1.5 million from S$610,000 a year earlier, as turnover jumped by 166.2 per cent year-on-year to S$6.2 million in the first quarter, the firm said.

UnUsUaL, which was listed on the Catalist board in April, said the increase in revenue was driven by strong showing from the promotion and production segments.

"The group has worked quickly to diversify from our predominantly Canto/Mando concerts to more western acts. As we have announced, the current and following quarter will see the likes of Foo Fighters and Michael Learns To Rock, all of which appeal to a wide range of audience in Singapore and the region," the firm said in a statement.

It noted that it is concurrently seeking opportunities in North Asia, particularly China.

"We got a head start with the co-promotion of a string of concerts in nine Chinese cities, and Kuala Lumpur, by Angela Chang, a Taiwanese artiste."

Quarterly earnings per share doubled to 0.24 cents from 0.12 cents a year earlier.

Meanwhile, net asset value per share climbed to 4.86 cents as at Jun 30, from 2.23 cents at the end of March this year.