TVB trims losses by 36pc to $491m

Cici Cao

Television Broadcasts (0511) said its 2024 net loss narrowed by 36 percent to HK$491 million from a year ago and that it expects a positive net profit for the full year of 2025.

The city's major broadcaster said the smaller loss was mainly due to a HK$435 million improvement in earnings before interest, taxes, depreciation and amortization.

It recorded positive EBITDA of HK$295 million in 2024, rising from a negative figure of HK$140 million in 2023.

TVB anticipates EBITDA for the full year of 2025 to be significantly higher than last year's, having substantially written down all of its remaining legacy and non-performing assets in 2024.

The adjusted loss, which excluded the impact of non-recurring asset write-downs, narrowed more than 80 percent to HK$88 million in 2024, the company said, adding that it recorded an adjusted profit of HK$53 million in last year's second half.

Revenue fell 1.95 percent to HK$3.26 billion yuan in 2024. Income from core TV-related businesses grew 10 percent to HK$3.13 billion on the back of a 17 percent rise in revenue from Hong Kong TV broadcasting and mainland China operations segments.

The broadcaster is embracing artificial intelligence for creative and production purposes, including dubbing and subtitles.

TVB anticipates continued growth in advertising income this year due to a robust performance in pre-commitments for 2025 advertising packages.