SINGAPORE (Feb 11): Vividthree Holdings, the virtual reality (VR), visual effects and computer-generated imagery production studio, reported earnings decreased 16.1% to $1.2 million in 3Q19 ended Dec from $1.4 million in 3Q18.
Revenue and gross profit in 3Q19 increased by 29.4% and 15.5% to $2.8 million and $2.0 million respectively, mainly due to higher contribution from its content production services as Vividthree which delivered its first “Train to Busan Virtual Reality” (TTB VR) tour set in Beijing, China and recognition of the rights fees for its TTB VR tour set.
Administrative expenses increased to $0.7 million in 3Q19 from $0.4 million in 3Q18 mainly due to the expansion of the group’s business operations that comprises manpower costs, IPO listing fees, depreciation charges, rental and travelling expenses.
Looking ahead, Vividthree said it is optimistic for both its content production and post-production business segments.
Tapping on the highly anticipated upcoming movie “Train To Busan 2” slated for production in 2019, the group said it has received encouraging responses from several promoters in the region, who are looking to bring the TTB VR tour set to other cities.
In addition, the TTB VR tour set currently showing in Beijing will be extended for a longer period. The group has also signed a Letter of Intent with Bossdom DigiInnovation Co, granting them rights to host TTB VR tour set exclusively in Taiwan, Hong Kong and Macau, with a second TTB VR tour set expected to be delivered by end of 4Q19.
Shares in Vividthree closed 0.1 cent lower at 19 cents.
