Online mall operator HKTV returns to profit

HKTVmall operator Hong Kong Television Network (1137) returned to profit of HK$109 million in the first half, from a net loss of HK$155.39 million the year before. The profit includes government subsidy of HK$16.3 million.

Revenue surged by 1.14 times to HK$625.5 million. The overall gross profit margin and blended commission rate was 25 percent. Gross merchandise value of orders soared by 1.14 times to HK$2.75 billion.

The average daily orders were 36,300. The average expense of each order was HK$508.

HKTV said 813,000 customers shopped online, a year-on-year increase of 43.6 percent.

The group targets GMV of HK$2.8 billion to HK$3 billion. The company estimated the extra capital expenses will be HK$380 million to HK$400 million in the next three years.