Spackman Entertainment reports 3Q19 net loss narrowed amid higher revenue

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Spackman Entertainment Group reported Wednesday a third quarter net loss of US$790,000, narrowing from a US$925,000 net loss in the year-ago period as higher revenue offset higher costs.

Revenue for the quarter ended 30 September jumped to US$5.87 million from US$2.38 million in the year-ago period, the South Korean drama producer said in a filing to SGX.

The revenue rise was mainly on revenue from production of films rising by US$2.78 million to US$3.04 million in the quarter on the “#Alone” and “Crazy Romance” films, and on revenue from distribution of films rising by US$1.09 million to US$1.79 million, mainly on the recognition of the post-theatrical sales in South Korea for “Long Live the King,” the filing said.

Cost of sales climbed to US$4.69 million from US$997,000 in the year-ago quarter on productions costs for “#Alone” and “Crazy Romance,” and increased distribution costs, mainly on the copyright fee for “Long Live the King” and “My First Client,” Spackman said.

The share of results of an associate was a loss of US$426,000, widening from a year-earlier loss of US$297,000 due to the loss from Spackman Media Group Ltd. (SMGL) of US$430,000 due to the occasional seasonality of the artists’ content projects performed, the filing said.

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