Time For Fun (SHOW3) shoots up 13% after Justin Bieber pulls in R$ 8.6 million profit in 2Q22 – Money Times

Lollapalooza 2020 takes place in the last week of March in São Paulo
Time For Fun (SHOW3) soars on the stock market after a profit of R$ 8.6 million in 2Q22 with the return of concerts and disputed tickets (Image: Facebook/ Disclosure/ Lollapalooza)

The actions of Time For Fun (SHOW3) shoot more than 12% after profit R$ 8.6 million in the second quarter of this year, reversing the loss of R$ 14.5 million in the same period of 2021. The paper is traded at close to R$ 3, the highest value since the end of June.

The company’s profit reflected the still timid return of shows and events after the dark period of covid-19 pandemic.

Justin Bieber and Popload Festival

Played in tapas, the Canadian singer’s concerts Justin bieber, with tickets sold out just hours after sales opened in April, contributed to the producer’s numbers. In the quarter, gross profit was R$22.3 million. Last year, T4F had a gross loss of R$ 2.5 million.

Time For Fun’s revenues jumped to BRL 50.1 million, while totaling BRL 1.5 million in the second quarter of 2021. In addition to Bieber’s two concerts in São Paulo, the producer saw an improvement in results with the start of sales of Popload Festival – in June -, to be held in October.

I shake in the quarter

In the quarterly balance sheet, the event producer highlighted other events showing signs of a busy quarter, but far from the pre-pandemic period. In the second quarter of this year, the company held 85 events, with 92,000 tickets sold. On the same basis of comparison with 2019, there were 137 events and 388 thousand tickets.

Time For Fun has extended the season of musical “The Adams Family” until the end of August which, together with the tour of the British rock band McFlywith five shows in Brazil, had an impact of almost R$ 19 million on the net revenue of the event promotions segment.

already the profit before interest, taxes, depreciation and amortization (Ebitda) was positive by R$9.4 million from April to June, compared to a negative result of R$12 million on an annual basis.

Time For Fun said it ended June with a total debt of R$113.5 million and R$217.1 million in cash, up from R$193.1 million at the end of the first quarter, also helped by the festival. Lollapaloozaat the end of March.

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About Banner Leon

Videogames entered his life in the late '80s, at the time of the first meeting with Super Mario Bros, and even today they make it a permanent part, after almost 30 years. Pros and defects: he manages to finish Super Mario Bros in less than 5 minutes but he has never finished Final Fight with a credit ... he's still trying.

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