Media company mm2 Asia 1B0 has narrowed its FY2024 net loss of $6.8 million attributable to equity holders, compared to $120.5 million recorded in the same period a year ago.
The group says it would have recorded a profit of $3.6 million if the $10.4 million share of cinema losses were excluded.
mm2’s revenue for FY2024 ended March jumped 49% y-o-y to $197.6 million, which includes a 15% growth in Core Content, a 145% growth in Digital Entertainment and a 155% growth in Concerts and Events businesses.
“While we have not reached our destination of full profitability yet, this year’s financial results demonstrate that we are firmly on the road to recovery,” says executive chairman Melvin Ang.
“We will continue our unwavering commitment to implementing strategic changes for long-term sustainability and value creation for our shareholders,” he says.
“Our focus in FY2025, and beyond, is rebuilding shareholder value and trust within the market,” he adds.
See also: PNE Industries reports earnings of $1.3 mil for FY2024, up 70.5% y-o-y
As at 3.11pm, shares in mm2 Asia are trading 0.1 cent lower or 4.54% down at 2.1 cents.
