Hong Kong’s dominant broadcaster TVB swings to a loss of US$25.3 million on investment write-off
- Company forecasts a challenging year ahead in Hong Kong, but expects a boost from its mainland China expansion
Hong Kong’s dominant broadcaster TVB posted a net loss of HK$199 million (US$25.3 million) for 2018, down from a net profit of HK$243 million a year earlier, mainly because of a write-off on bond holdings issued by Chinese theatre operator SMI Holdings Group.
Television Broadcasts (TVB), held under parent film production company Shaw Brothers, said it had written off HK$500 million on its holdings of SMI Bonds, according to a filing on Wednesday night to the Hong Kong exchange.
“Hong Kong business will still face challenges in 2019. But we expect the loosening of advertising regulations will drive growth,” the company said in the filing.
“Mainland China is the main market for our business expansion. We will continue pursuing growth opportunities in programme production and distribution.”
Without the write-off, TVB would have reported a profit of HK$301 million, the filing said.
