Cathay Cineplexes owner mm2 Asia's second-half net loss swells to $101 million

Cathay Cineplexes owner mm2 Asia widened its net loss in the second half of its fiscal year by more than 10 times to $101.3 million from $8.7 million in the previous corresponding period.

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This comes despite a 21 per cent increase in revenue for the six months to March to $79.7 million from $65.9 million in the year-ago period, according to financial results released on Aug 28.

No dividend was declared.

The biggest blow to mm2 Asia's bottom line came from its share of losses of associated companies, which stood at $75 million for the half-year, up by more than nine times from $7.2 million in the previous year.

For the full year, its share of losses of associated companies stood at $82.8 million, up from $11.9 million the year before.

The group said that this was due mainly to the write-off of its cinema business, mm Connect.

mm2 Asia executive chairman Melvin Ang said: "The second half of FY2025 was exceptionally challenging, especially with the legal and financial issues from our cinema business. We recognise our cinema landlords as valued partners in our business ecosystem. However, the road to recovery has been longer than anyone expected; we can understand their position.