UNUSUAL sank into the red with a net loss of S$6.4 million for its second half ended Mar 31, compared with a net profit of S$752,285 in the same period a year ago.
This follows a 64.8 per cent decline in revenue to S$8.1 million, from S$22.9 million a year earlier.
The concert promoter on Thursday (May 30) said that it completed a smaller number of projects during the period across its three segments of promotion, production and others.
It also booked a non-cash loss of around S$1.6 million – arising from a fair value loss on financial assets measured at fair value through profit or loss – based on estimated revenue and budget expenditures.
Loss per share stood at 0.62 Singapore cent, down from earnings per share of 0.07 cent in the previous year.
Nevertheless, revenue for the full year rose 154.6 per cent to S$74.4 million, from S$29.2 million a year earlier, on the back of strong recovery in the live concert promotion segment, the company said.
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FY2024 net profit also more than trebled to S$7.7 million, from S$1.8 million in the year-ago period.
For the full year, the company completed a larger number of projects, while overwhelming attendance at various concerts partially offset the fair value loss.
It also made a higher expected credit loss (ECL) provision of S$5.8 million in FY2024, compared with S$0.5 million in FY2023, amid uneven recovery in certain industry segments.
Excluding the ECL provisions, the adjusted profit after tax for the full year is S$13.5 million, Unusual said.
The company noted that its businesses have rebounded strongly from the pandemic years, and expected the trend to continue.
Leslie Ong, CEO of Unusual, said that the company continued to face strong competition in the live concert segment from both existing and new players.
“This is a healthy sign indicating growing market demand, market vibrancy and promises,” he said, adding that the company is “not perturbed by competition” and remains committed to bringing projects to fruition.
“With our strong network and (relationships), we are confident (about continuing to) deliver projects with great entertainment value to concertgoers in the region,” he said.
No dividend was declared for the year, unchanged from the year before. The company said it “intends to conserve cash for potential upcoming projects”.
Shares of Unusual closed 0.6 per cent lower at S$0.17 on Thursday, before the results were announced.
