Embattled broadcaster Asia Television aims to cut its losses by 40 per cent by the end of this year, according to executive chairman Linus Cheung Wing-lam. The broadcaster, rocked last month by the sudden resignation of newly appointed chief executive Ricky Wong Wai-kay, is reviewing its corporate structure. Mr Cheung, speaking at ATV's Tai Po headquarters yesterday, said two teams were conducting an overall review of ATV and would submit results by the end of next month. He said the review was needed because the broadcaster was facing financial difficulties. However, he said the company would add new staff for future development despite a trend towards cost cutting. Mr Cheung said ATV's staff were mainly from a traditional broadcasting background but it needed staff with expertise in new technology to support growth. Mr Cheung said ATV would aim to narrow its loss before interest, tax, depreciation and amortisation by 40 per cent this year. He denied the company was losing HK$2 million a day and said this year's results were 'quite important' for him personally, because he had only been appointed last month. He declined to say how confident he was that the loss-reduction target could be reached but said the removal of several one-off expenses from last year, such as Olympics coverage, would help. Mr Cheung said Payson Cha Mou-sing, the broadcaster's dominant shareholder, was making progress in sorting out ATV's finances and he was confident the funding issue would be resolved in the near future. He said Mr Cha was working to simplify the shareholding structure, and the funding issue would be solved once that happened. ATV is 47.58 per cent owned by Alnery, a company jointly owned by the Cha family, ABN Amro and former ATV chief executive Louis Page. The Cha family also owns a 10.75 per cent stake through Panfair. Liu Changle and Chan Wing-kee jointly own a 26.85 per cent stake and Citic Group owns 14.81 per cent. Mr Cheung said it was a challenge to find new advertising revenue amid the current global financial turmoil.