Kingsmen Creatives has reported earnings of $0.6 million for 1HFY2023, reversing from a loss of $1.5 million in the year-earlier period. Revenue was up 17.5% y-o-y to $143.8 million, as the company continues to see recovery.
“We have returned to sustainable profitability and expect a robust second-half performance, as our teams are busy fulfilling contracts secured and pursuing a strong pipeline of potential projects," says group GEO Andrew Cheng.
"Our focus will now be on managing costs and our supply chain amidst rising inflationary pressures, and improving efficiency and operational delivery to derive better returns for our efforts.
"We continue to see good demand for our solutions and services by the market, and by clients who are moving ahead with their business plans," adds Cheng, referring to the order book of some $314 million, of which $264 million is to be recognised in the current year.
Overall, Kingsmen Creatives sees good opportunities across its various business sectors.
"Market conditions however are evolving and we will adopt a prudent approach to managing costs and operations. We will continue to enhance our capabilities in creativity and experiential solutions as core areas of differentiation to meet market needs," says Cheng.
Kingsmen shares closed at 34 cents on Aug 11, unchanged for the day, but up 28.9% year to date.
