Newly-listed NoonTalk Media has posted a net loss of $2.1 million for 1HFY2023 ended December, with revenue down 10.9% y-o-y to $2.0 million following a decrease in revenue contribution from its management and events segment.
Excluding the one-off listing and associated costs of $1.5 million, however, the company's adjusted net loss would have been $624,086 for 1HFY2023, compared to a net loss of some $711,970 in 1HFY2022.
No dividend has been declared or recommended.
NoonTalk Media listed on Nov 22, 2022. There was a higher demand for artiste engagement from the previous period, 1HFY2022 ended December 2021, for Covid-19 related campaigns, adds the company.
Other income decreased by $58,720, or 39%, due to rental rebates in 1HFY2022 and lower government grants offset by reversal of interest on convertible bonds, interest income from fixed deposit and foreign currency exchange gain.
Gross profit contracted 47.4% y-o-y to $0.2 million due to an increased use of external vendors as projects moved to physical live events, says the company.
See also: NoonTalk shouts out Singapore with IPO, joins sluggish listed media companies
Cost of sales eased 4% y-o-y to $1.77 million in 1HFY2023, mainly due to lower artistes’ engagement fees. This was offset by higher production cost due to projects requiring the engagement of a higher proportion of external vendors as projects move from virtual to physical live events, says the company.
Loss per share deepened to 1.26 cents in 1HFY2023 from 0.46 cents a year ago.
Cash and cash equivalents stood at $6.6 million as at Dec 31, 2022. This has contributed to a net cash position of $5.5 million for regional business.
See also: NoonTalk Media makes trading debut at 22.5 cents
As at Jan 31, 2023, the Company has an order book of S$1.4 million.
“Following the Company’s IPO in November 2022, we find ourselves in an ideal position to seize the exciting opportunities coming our way,” says Dasmond Koh, executive director and CEO of NoonTalk Media. “We believe a stronger balance sheet post-IPO will provide us with sufficient resources to pursue regional collaborations and engage in other creative endeavours.”
Koh adds: ”We are optimistic about the overall growth of the company as demand for live events picks up again. The burgeoning number of audiences who value live experiences and are willing to spend more on events and live shows is a clear sign. We will continue to strengthen our multimedia segment with more innovative ideas and work closely with our artists to secure higher value projects on their behalf. As of this moment, we believe we have the right strategies in place to scale greater heights by the end of the year.”
Shares in NoonTalk Media closed flat at 16.8 cents. Shares had debuted at 22.5 cents at its listing in November 2022.
