Business

Main Event reports after-tax profit of $93.3 million for second quarter

BY ABBION ROBINSON
Contributor

Wednesday, June 19, 2019

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Main Event Entertainment Group Limited (MEEG) on Friday (June 14) reported unaudited after-tax profit of $93.3 million for the period ended April 30, 2019, which was its second quarter of Main Event's financial year. This represents a 15 per cent increase when compared with the corresponding period last year.

MEEG's, chief executive officer, Solomon Sharpe and chairman, Ian Blair, in reporting to stockholders on the second quarter, said revenue growth was influenced by increases in the company's core business as well as successful new products.

Based on the report, the company achieved revenues of $895.8 million, a 28 per cent increase over the corresponding year.

“$118 million or 13% of revenues year to date is attributed to the M-Style product offering and our presence in the west,” Sharpe said.

M-Style is the division created by the event management company that provides seating and equipment for weddings, conferences and birthdays.

Sharpe added that increases in other operating income was primarily due to the $5.9 million grant for the M-Academy venture, a training institution that provides certification in marketing, events management and production.

While MEEG decreased its spending on research and development, and marketing; operating and administrative expenses increased by 19 per cent. This was influenced by the company's growth through capital expenditure which Sharpe described as “our growing operations”.

He added that cash flows from operating activities were $22.3 million compared to the $44.6 million in 2018.

While the company's total asset increased by 22 per cent over the corresponding year, Sharpe said current liabilities are stable, showing a marginal reduction from prior year.

“MEEG is looking forward to driving continued growth, supported by our expanded product offering and a vibrant, committed team,” Sharpe concluded in his report.


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