SINGAPORE (Aug 1): Concert promotion and event production group UnUsUaL posts a 152.5% increase in net profit to $1.5 million for the first quarter ended June, from $0.6 million a year ago.

This was on the back of a 166.2% increase in revenue to $6.2 million in 1Q18, from $2.3 million a year ago.

The increase was mainly due to higher promotion revenue, which increased by $2.8 million during the quarter.

Gross profit surged fivefold to $2.8 million, from $0.5 million a year ago, as cost of sales climbed at a slower pace compared to the increase in revenue.

Cash and cash equivalents stood at $17.1 million as at June 30, 2017.

The group says that since its Catalist listing in April this year, it has worked quickly to diversify from its predominantly Canto/Mando concerts to more western acts.

It adds that it is concurrently seeking opportunities to move into the North Asia region, especially China, where it is involved in the co-promotion of a string of concerts in nine cities.

“We will continue to explore new opportunities along our business value chain,” says UnUsUaL executive director and CEO Leslie Ong.

Shares of UnUsUaL closed 1 cent lower at 48 cents on Tuesday.