SPACKMAN Entertainment Group swung to a US$2.2 million loss for the year ended Dec 31, from US$3 million profit a year ago, as the absence of a one-time gain outweighed higher revenue. Read more at The Business Times.
SPACKMAN Entertainment Group swung to a US$2.2 million loss for the year ended Dec 31, from US$3 million profit a year ago, as the absence of a one-time gain outweighed higher revenue.
Loss per share was 0.27 US cents, compared to earnings per share of 0.65 US cents in FY2017. Its last done price at 9.18am on Thursday was flat at S$0.023.Revenue for FY2018 rose six per cent to US$21.8 million from US$20.6 million a year ago. It was mainly derived from the distribution of films and production of films and others .In total, the distribution and production of films made up 70 per cent of revenue, down from 85 per cent in FY2017.
In December 2018, Frame Pictures secured three major camera equipment deals for three upcoming drama series. Spackman believes Frame Pictures will continue to win project bids and tap on the growing camera equipment leasing markets, ahead of its planned listing as a combined standalone entity with its majority-owned post-theatrical business, Novus Mediacorp Co.
In fiscal 2018, group has increased its shareholding in its 43.88 per cent associated company, SMGL. Spackman said that by leveraging SMGL's portfolio of artists, it will be able to"participate in top tier content projects, strategically invest in collaborative businesses and strengthen its foothold in drama production".
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