Concert and live shows producer UnUsUaL 1D1 has posted earnings of $1.8 million for its FY2023 ended March, a reversal from net loss of $4.38 million in FY2022.
This follows a 713.4% y-o-y surge in revenue to $25.6 million, mainly due to the lifting of capacity restriction limit in April 2022 which resulted in more projects resuming post-pandemic.
On the back of the increased projects, cost of sales increased by 393.2% y-o-y to $21.7 million in FY2023, while gross profit stood at $7.6 million compared to a gross loss in FY2022.
In a statement, the company says it is “back to normal” with the gradual return to normalcy post-pandemic, evident from the response to its key business of concert and event promotion for the past 12 months.
“We have been working very hard since the beginning of the year to bring our business back to the ‘good old days’ and I think we have performed well,” says UnUsUaL CEO Leslie Ong, highlighting its sold-out concerts in Singapore, Kuala Lumpur, Sydney and Melbourne.
“We are continuing to boost our project pipeline, and we will make the announcements on these projects as and when appropriate,” he adds.
Shares in UnUsUaL closed 0.5 cents higher or 2.66% up on May 24 at 19.3 cents.
