mm2 Asia
mm2 Asia website

Media content provider mm2 Asia on Monday reported a 30 percent jump in quarterly profit, boosted by growth at its North Asia business and strong performance of subsidiaries.

Shares in the Singapore-listed company jumped as much as 3.2 percent to S$0.480. The stock has gained about 5 percent so far this year.

Net profit attributable to shareholders rose to S$6.4 million in the quarter ended June 30 from S$4.9 million a year earlier.

Revenue for the quarter increased 83.6 percent to S$24.6 million, due to the extra revenue generated from the unit, the UnUsUaL, which recorded event and concert promotion revenue of S$6.2 million.

UnUsUaL contributed 25 percent to the group's first-quarter revenue.

"With the increase in demand for concerts and events by well-known entertainers and a steady stream of concerts and events in the region, UnUsUaL, as a listed company, will also continue to expand out of the Singapore and Malaysia region," the company said in a statement.

General and administrative expenses surged 60 percentr to S$5.6 million in the quarter due to higher employee compensation costs.

mm2 said it expects increase in productions in North Asia with higher contribution from cinema business, concert and event production and promotion.