SINGAPORE (Oct 31): UnUsUaL saw 2Q18 earnings drop 30.8% to $2.49 million compared to $3.59 million in 2Q17.
Revenue rose.5% to $13.3 million from $8.57 million last year, due to promotion revenue which increased by $7.6 million.
However, this was offset by a decrease in the production revenue segment and other segment by $2.6 million and $0.2 million respectively.
Promotion revenue came in at $5.8 million but was offset by the lower cost of sales attributable to both production revenue and other revenue of $0.8 million.
Group cost of sales also more than doubled to $8.9 million compared to $3.9 million.
Gross profit margins were 32.8% in 2Q18 as compared to 54.1% in 2Q17.
Administrative expenses in 2Q18 widened 38.6% to $1.44 million from $1.04 million 2Q17, mainly due to an increase in staff costs by $0.3 million and an increase in depreciation expense by $0.1 million.
As at Sept 30, the group’s cash and cash equivalents stood at $17.8 million.
In its outlook, the group says it will continue to secure western concerts that promise unrivalled entertainment for concert goers and good return on its investment.
In addition, the group is exploring suitable opportunities to expand its operations either via acquisitions, joint ventures and strategic alliances with partners to buttress its market position as a leading concert/event promotion and production group.
Shares in UnUsUaL closed 2 cents lower at 67.5 cents on Tuesday.
