ENTERTAINMENT company NoonTalk Media : SEJ 0% reduced its net loss for the first six months of its financial year (FY2024) by 40 per cent, to S$1.3 million from S$2.1 million in the previous corresponding period.

That puts its loss per share at 0.64 Singapore cent from 1.26 cent previously.

The Catalist-listed company, with Singaporean actor and television host Dasmond Koh as its chief executive, reported its latest financial statement on Tuesday (Feb 6).

In the same fiscal period, revenue rose 16 per cent to S$2.3 million from S$2.0 million.

Revenue from its production division increased 7.8 per cent to S$1.3 million from having more small-scale, physical live events, which made up for the fall in number of large-scale projects.

An increase in the engagements of affiliated artistes and a concert bumped revenue from its management and events operations by 29.7 per cent to S$0.9 million.

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However, its cost of sales also increased 25 per cent to S$2.2 million from S$1.8 million as a result of higher artiste fees and production costs.

The company reduced its administrative expenses by 44 per cent from S$2.3 million to S$1.3 million, following a S$1.4 million “one-off listing and associated expenses incurred in 1H 2023”, it said, without elaborating.

In its forecast for the next 12 months, the company said that the proliferation of digital platforms has meant there is intense market competition and content saturation, making it challenging to capture audience attention amid a multitude of options.

To solidify its market position, the company will focus on producing “innovative and high-quality content”, but also expand its reach to overseas markets through collaboration with media partners abroad.

In November 2023, it announced it had signed three Thai artistes to tap into that country’s thriving entertainment market.

It also said it is “actively embracing” artificial intelligence to enhance its content creation, distribution and personalisation.

Shares of NoonTalk closed trading flat at S$0.083, before the update.