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Hong Kong’s TVB reduces losses by 5.5% to HK$763 million, points to cost-cutting efforts
- TVB racks up sixth consecutive year of losses although total revenue excluding e-commerce business rises 4 per cent
- ‘We are cautiously optimistic that our Hong Kong TV broadcasting business segment will see continued growth and recovery this year,’ chairman Thomas Hui says
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Hong Kong’s biggest free-to-air broadcaster reduced its net loss by 5.5 per cent year on year to HK$763 million (US$97.8 million) in 2023, thanks partly to cost-cutting measures amid a sluggish advertising market.
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TVB published its financial results on Wednesday, with the figures marking its sixth consecutive year of losses. The broadcaster logged a record deficit of HK$807 million in 2022, HK$647 million in 2021 and HK$281 million in 2020.
Total revenue excluding e-commerce business rose 4 per cent to HK$2.83 billion last year mainly driven by growth in Hong Kong TV broadcasting and mainland China operations, the company said.
The firm’s e-commerce revenue shrank 44 per cent to HK$486 million amid the backdrop of a weak retail market and shifts in consumer habits.
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