SINGAPORE (May 29): mm2 Asia reported FY18 earnings rose 50.9% to $26.4 million, or 2.34 cents per share, from a year ago.

This follows the group’s announcement of a 41.9% rise in 4Q18 earnings to $9 million on the back of a near doubling of revenue to $83.6 million from a year ago.

In FY18, group revenue doubled to $192 million from $95.7 million in FY17 mainly due to a 65.4% increase in revenue generated of of $93.6 million from its core business of core business of producing, distributing and placing products for movies, TV and online content as well as additional distribution revenue of $32.4 million from its cinema business.

In addition, revenue from the group’s post-production business, represented by Vividthree, increased 79.7% to $6.3 million. Consequently, the group’s FY18 gross profit doubled to $90.5 million.

Administrative expenses more than doubled to $48.4 million in FY18 due to higher employee compensation costs arising from the increase in the number of senior management staff and other employees resulting from the group’s expansion as well as the recent acquisitions of additional cinema businesses, namely Cathay Cineplexes and cinema business assets from Lotus Fivestar (M).

Looking ahead, mm2 Asia says the group’s core business in Singapore continues to show growth, which accelerates at a faster pace in Hong Kong, Taiwan and China.

Meanwhile, event production and concert promotion revenue from UnUsUaL, its year-old-listed subsidiary on SGX Catalist, continues its expansion out of Singapore and Malaysia, and into North Asia. Revenue from this segment contributed 24.2% of the group’s FY18 revenue or about $46 million.

The group is also preparing Vividthree for listing on SGX’s Catalist board.

Shares in mm2 Asia closed 1 cent higher at 50 cents on Monday.