HKTV loss widens to HK$289.9m

Business | 26 Mar 2020 5:36 pm

Hong Kong Television Network (1137) said net loss widened to HK$289.9 million last year over 2018 as two properties were sold in 2018 generating earnings of about HK$160 million.

Revenue increased by 57.7 percent to HK$1.41 billion.

Direct product sales were HK$1.1 billion with 24.5 percent of gross profit margin.

The group said the average daily orders were 32,600 last month, worth HK$482 million.

HKTV said the coronavirus has changed work and consumption patterns in Hong Kong.

The group expects transaction amount will exceed HK$1.2 billion for the first three months, with a growth of 89.3 percent compared from the same period of 2018.

Chief executive and vice chairman, Ricky Wong, says if HKTV book 25,000 orders per day, the group can break even for its EBITDA.

Wong says the group will focus on big data on consumption to raise the efficiency of digital marketing.


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