Hong Kong broadcaster TVB’s net losses narrow by 21 per cent in first half of year owing to new e-commerce platform, growth in mainland China
- TVB says it is confident about further improvements as city’s economy has continued to rebound amid eased Covid-19 rules
- Revenue surged 46 per cent to HK$1.82 billion in first half of 2022, compared with HK$1.25 billion during same period last year
Hong Kong’s biggest free-to-air television station TVB has posted a narrowing of net losses by 21 per cent to HK$224 million (US$28.5 million) in the first half of this year compared with the same period in 2021, owing to its newly acquired e-commerce platform and continued growth in mainland China.
The broadcaster on Wednesday said it was confident about further improvements as the city’s economy had continued to rebound amid eased Covid-19 rules, forecasting an increase of at least 20 per cent in advertising income for the second half compared with the same period last year.
“From our newly released interim results, we can clearly see that performance showed obvious improvements,” said TVB non-executive chairman Thomas Hui To, who is also chief operating officer of mainland Chinese tycoon Li Ruigang’s China Media Capital.
The station is controlled by Li, an influential Chinese businessman and media mogul.
Hui added that the company would continue to increase direct touch points with viewers and consumers through content and e-commerce, while further leveraging its brand on the mainland and around the world.
Revenue for TVB surged 46 per cent to HK$1.82 billion in the first half, compared with HK$1.25 billion during the same period last year.
The station’s e-commerce platform Ztore Group, acquired last August, saw revenue surging more than 27 times from HK$17 million to HK$461 million, as many people shopped online during the coronavirus pandemic.