SINGAPORE (May 31): mm2 Asia reported S$6.2 million in earnings for the 4Q ended March, down 7.5% from S$6.7 million a year ago, due to lower revenue and expansion costs.
This brings the group’s full year earnings to a total of S$19.1 million, representing a 14.7% decline from S$22.4 million in FY18.
Revenue for 4Q fell 6.5% on-year to S$78.2 million from S$83.6 million, although FY19 revenue grew 38.6% to S$74.2 million from S$192 million a year ago, due to higher income from the Cinema business upon accounting for the full year’s contributions Cathay Cineplexes and Lotus Fivestar Cinemas.
Notably, a S$2.1 million expected credit loss on financial assets (trade receivables) was recorded over 4Q19, resulting in other losses of...(click on link for full story on theedgesingapore.com)