Cost of sales grew by 25% y-o-y to $2.2 million on higher artist engagement fees and production costs, which in turn grew due to higher proportion of external vendors and staff costs. As a result of the higher costs, gross profit was down by 70% y-o-y.
NoonTalk Media has narrowed its loss by 40% to $1.26 million in its 1HFY2024 ended December 2023, from the $2.1 million recorded in the previous corresponding period.
This is on the back of higher revenue at $2.2 million, up 16% y-o-y driven by the revenue from the management and events business segment which increased by 30% y-o-y following increased engagements of affiliated artists and a concert.
