17LIVE, Singapore Exchange S68 ’s (SGX) first and only entity to go through a despac transaction has reversed into earnings of US$1.9 million ($2.51 million) for 1HFY2024 ended June, an increase of US$120.1 million from US$118.2 million loss in the previous corresponding period.
In 1HFY2024, the company posted an operating revenue of US$101.1 million, down 33% y-o-y primarily from Liver live streaming (down 37% y-o-y) as well as unfavourable foreign currency movement. Its revenue from V-Liver live streaming, however, more than tripled to US$4.8 million 1HFY2024 from US$1.5 million in 1HFY2023.
The company’s profit margin stood at 41.2% in 1HFY2024. It also recorded a 19.3% y-o-y decrease in operating expenses from US$50 million to US$40.3 million.
As at June 30, 17LIVE has a cash position of US$85.6 million, down from US$102.7 million as at December 2023 due to one-off expenses related to its IPO.
Separately, the company has also appointed Jiang Honghui as its executive director and CEO, effective Aug 13. Its founder Joseph Phua has been redesignated as non-executive non-independent chairman.
Jiang was previously the CEO and executive director of Vertex Technology Acquisition Corp, the first spac listed on the SGX. With the new appointment, Jiang will end his role as managing director, investment at Vertex Holdings. He has been appointed as venture partner at Vertex Growth Management in the capacity of a non-executive advisor effective Aug 13.
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Phua became 17LIVE’s CEO on Jan 26 following the resignation of Alex Chien due to personal family reasons.
Shares in 17LIVE closed 0.5 cents lower or 0.58% down on Aug 13 at 84.5 cents.
