HKTV loss rises sharply to HK$163m
The net loss of Hong Kong Television Network (HKTV) quadrupled to HK$163.1 million in the 12 months to August from HK$40.3 million a year earlier, while turnover plunged 82.2 per cent to HK$1.39 million.
The net loss of Hong Kong Television Network (HKTV) quadrupled to HK$163.1 million in the 12 months to August from HK$40.3 million a year earlier, while turnover plunged 82.2 per cent to HK$1.39 million.
The increased loss was mainly due to a fall in valuation gain for investment properties of HK$41.6 million, impairment loss of HK$32 million in relation to certain assets of the multimedia business, and a rise in write-offs of artiste prepayments and provision for committed artiste payments and talent costs of HK$21.5 million, the company said.
Its "intended business model on free television services and subsequently on mobile television services" had been "hindered and suspended", HKTV said.
A year ago, the government denied HKTV's application for a free television programme licence.
On January 6, the company, headed by Ricky Wong Wai-kay, applied for a judicial review of the government's decision, and judgment on this case is pending.
The government also rejected HKTV's application to offer mobile television services.