HKTVmall parent slides into the red

Hong Kong Technology Venture (1137) swung to a net loss of HK$66.7 million in 2024 from a net profit of HK$45.3 million a year earlier, but proposed a special dividend of 38 HK cents per share to celebrate the 10th anniversary of HKTVmall.

The loss was mainly due to operating losses from its new ventures and technology business, impairment losses on its UK fully automated retail store and system, and valuation losses on investment properties, the parent of the online retailer said in an exchange filing..

The turnover rose 0.7 percent from the previous year to HK$3.84 billion in 2024.
The company said it faces three major challenges: lagging behind global technological trends, market structure constraints and rising competition, and the weakening influence of local culture.

To address these challenges, the company plans to recruit mainland talent to boost technology and market insights, enhance HKTVmall’s competitive edge, and expand its market reach.

The gross merchandise value on order intake grew 2 percent year-on-year to HK$8.59 billion in 2024.
STAFF REPORTER