Lotus Fivestar Cinemas

mm2 Asia posts 13.2% increase in 1Q earnings to $7.3 mil

SINGAPORE (Aug 14): mm2 Asia reported 1Q19 earnings increased by 13.2% to $7.25 million, compared to $6.40 million in 1Q18.

This came on the back of the group’s revenue almost doubling to $49.0 million from $24.6 million in the previous year.

This was mainly contributed by the group’s business assets from Lotus Fivestar Cinemas in Malaysia and a newly acquired subsidiary, Cathay Cineplexes in 3Q18. The increase in revenue was also contributed by the group’s core business and post-production business.

mm2 Asia acquires 13 cinemas in Malaysia for RM118 mil

SINGAPORE (Nov 9): mm2 Asia is acquiring 13 cinemas in Malaysia from Lotus Fivestar Cinemas for RM118 million ($39.1 million).

mm2 Asia says the acquisition is in line with the company’s intention to diversify into downstream value chain of film production.

The acquisition will also complement current and future business, while strengthening its competitive advantage while providing recurring income according to mm2 Asia.

Post completion, mm2 Asia will own 133 cinema screens in Malaysia, making it the fourth largest cinema operator in Malaysia.

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