Corporate News
MM2 ASIA REPORTS CONTINUED MOMENTUM IN CORE AND CINEMA BUSINESSES
- Recorded revenue of S$49.0 million in 1QFY2020 bolstered by steady improvements in core and cinema businesses;
- EBITDA rose significantly by 37.5% Y-O-Y to S$25.0 million;
- Net profit stood at S$7.5 million in 1QFY2020;
- Maintained momentum with a solid pipeline of core business projects for FY2020, with a constant lookout for potential stakeholders to invest in the lineup of projects;
- Robust lineup of concerts/theme shows in event and concert business segment for subsequent quarters
mm2 Asia Ltd. (“mm2 Asia”, “mm2 全亚影视娱乐有限公司” or collectively with its subsidiaries, the “Group”), today announced its financial results for the three months ended 30 June 2019 (“1QFY2020”).
Chief Executive Officer of mm2 Asia, Mr Chang Long Jong (章能容), commented on the Group’s results, “Despite the challenging and onerous business environment, we performed encouragingly in 1QFY2020, with higher revenue contributions from our core and cinema businesses, offset by lower contributions from our event and concert, and postproduction segments. We continued to gain positive traction, particularly in our cinema business, with ramped-up marketing efforts and a steady inflow of B2B opportunities, enhancing the Group’s profitability year-on-year. Our key strategy for boosting growth is to leverage the synergy within the ecosystem of the Group’s Out-of-Home Entertainment Platform businesses as we look to maximize shareholder value in the longer term.”
FY2020 Outlook
Executive Chairman of mm2 Asia, Mr Melvin Ang (洪伟才), annotated, “We continue to drive the Group’s performance by leveraging the power of our Out-Of-Home Entertainment platform. We are encouraged by a strong pipeline of our core business projects slated for FY2020, with both UnUsUaL and Vividthree continuing their strong business momentum. UnUsUaL is inclined towards a full year growth with a robust lineup of concerts/theme shows including Westlife, Andy Lau, Kang Daniel, JJ Lin, Disney’s Frozen and Walking with Dinosaurs, contributing from 2QFY2020 onwards, while Vividthree has signed an MOU for the “Doraemon Experience” show. We believe in establishing a solid foundation in all our businesses to become a highly esteemed media and entertainment company across a whole value chain. The Group will continue to look out for opportunities in important strategic businesses to support the growth of our business ecosystem.”
