More than 200pc jump in losses, warns Hong Kong Television Network
Hong Kong Television Network said the group’s losses for last year are expected to increase more than 200 per cent, based on a preliminary assessment of its unaudited consolidated financial statements.
In a company filing to the Hong Kong stock exchange on Tuesday, HKTV blamed the spike in losses to the impairment loss on assets resulting from the uncertainties in the media business and increases in programming costs. It also said revenue from licensing of programme rights and net advertising income had not increased proportionally.
HKTV’s e-commerce business, which was officially launched in February last year, is still in its “early investment stage” and yet to be “financially material” to the group, the filing said.