Vividthree reported Monday its fiscal fourth quarter net profit jumped to S$1.5 million, up more than 20-fold from S$60,000 in the year-ago period, on its Train to Busan virtual reality tour (TTB VR) show.
The net profit margin rose to 38 percent in the quarter from 3.4 percent in the year-ago period, Vividthree said.
Revenue for the quarter ended 31 March climbed 121.6 percent on-year to S$4.0 million on higher contribution from content production services from the sales of territorial rights, the studio said in a filing to SGX.
More projects were also completed by post-production services, boosting revenue, Vividthree said.
Administrative expenses for the fiscal fourth quarter jumped 98.7 percent on-year to S$764,004, mainly on higher staff costs, professional fees for listing compliance purposes, rental expenses for the Singapore and Malaysia offices and the expansion of business operations, the company said.
For the full fiscal year, Vividthree reported net profit increased 20.6 percent on-year to S$3.3 million, on revenue of S$9.3 million, up 31.6 percent on-year.
Vividthree delivered its first TTR VR show in China and sold territorial rights to different countries during the year, the filing said.
The TTR VR show was extended to another province in China, Xiamen, with one-year exclusive territorial rights given to the local promoter, the company said.
“The group will also be tapping on the worldwide success of the Korean blockbuster, TTB, which will soon have a sequel slated for release in 2020. As a result, the group has received warm responses from several promoters in the region, and it is currently in negotiations to take the TTB VR tour show to other parts of the world,” the company said in its outlook.
“Riding on the fast-growing experience economy, the group is also looking into the use of VR technology to improve the experience of an escape game (a room filled with puzzles and scenario games), which has become a worldwide craze in recent years,” it added.
Vividthree is a virtual reality, visual effects and computer-generated imagery studio which develops digital intellectual property assets, including thematic tour shows.
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