Spackman sinks deeper into the red in 2Q with $2.1 mil loss

Spackman sinks deeper into the red in 2Q with $2.1 mil loss

Michelle Zhu
15/08/18, 07:30 am

SINGAPORE (Aug 15): Spackman Entertainment Group reported a loss of US$1.5 million ($2.1 million) for the 2Q ended June, widening from its 2Q17 loss of US$0.2 million on lower revenue and higher general & administrative expenses.

This brings the group to a loss of US$0.6 million for 1H18, compared to earnings of US$5.2 million a year ago.

Revenue for the latest quarter fell 32% on-year to US$1.7 million from US$2.4 million previously due to lower contributions from the production of films.

According to the group, this was because the percentage-of-completion of its production Sovereign Default – based on costs incurred relative to total expected costs – in 2Q18 was lower than that of Golden Slumber in 2Q17.

Cost of sales fell 32% y-o-y to US$0.8 million on lower production costs incurred for Sovereign Default compared to Golden Slumber in 2Q17.

General and administrative expenses grew 13% to US$1.7 million from US$1.5 million in 2Q17 due to acquisition of Take Pictures and Constellation.

In its outlook, Spackman says it expects major projects to come in the second half the year, which is when its revenues generally tend to be concentrated.

The group also intends to continue pursuing opportunities with Spackman Media Group (SMGL) for strategic collaborations in accessing investment and participation opportunities into “the highest quality content projects”.

Shares in Spackman Entertainment closed 0.1 cent higher at 5.6 cents on Tuesday.

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