SINGAPORE (May 27): Concert promotion and event production group UnUsUaL reported a 52.3% drop in net profit to $6.3 million for FY20 ended March 31, from $13.2 million a year ago.
The decline was mainly attributable to the majority of UnUsUaL’s concerts and events postponed in 4Q20 due to the Covid-19 global outbreak.
Gross profit fell 43% y-o-y to $13.1 million.
On the other hand, revenue for FY20 increased 8.8% y-o-y to $61.9 million on higher sales contribution from the group’s promotion segment.
“To navigate these unprecedented times, we have recently taken steps to strengthen our balance sheet,” says Leslie Ong, CEO of the group.
“We have also implemented cost-cutting measures with the support of all staff within the Group, and an immediate cut in all discretionary expenses as well as negotiating revised payment terms on existing commitments. This is to ensure we are in [a] good position to wait out the current Covid situation should it prolong,” he adds.
Looking ahead, the group remains “positive” on its prospects owing to their longstanding relationships with the partners, artists and management companies.
“We are dealing with an unprecedented and fluid situation. However, the good news is that the company's financial position and liquidity remain strong. We believe our efficient business model and the recent steps we have taken to strengthen our balance sheet leave us well-positioned to navigate and manage our business through this crisis,” says Ong.
UnUsUaL shares closed flat at 13.5 cents on Wednesday prior to the announcement.
