TVB profit rises despite revenue drop

Business | Stella Zhai 22 Aug 2019

Television Broadcasts' (0511) interim net profit rose 6 percent but revenue dropped 12 percent year-on-year dragged by ongoing trade tension. An interim dividend of 30 HK cents was declared.

Net profit for the first six months this year amounted to HK$212 million, while revenue decreased to HK$1.97 billion.

Total revenue from TVB's mainland China operations dropped by 43 percent from a year ago to HK$173 million, mainly due to the absence of co-production income of drama serials to online platforms, which suffered multiple impacts from credit crunch, crackdown on excessive talent pay and production fees, an anti-graft campaign that saw major personnel changes and restructuring, said TVB.

Income from advertisers from terrestrial TV channels in Hong Kong also decreased by 1 percent to HK$1.14 billion compared with the year-before period, and TVB expects that the current local political unrest will have long term implications on its advertising business.

The company plans to wind up its SMI bonds.

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