Financial news
Written by: Huang Jie
2020-02-14 08:32
Last updated: 2020-02-14 08:43The TV broadcast “0511” profit warning, it is expected that the loss attributable to shareholders of the company last year (after deducting impairment expenses / losses) will exceed the net loss reported in 2018 of 199 million yuan.
TV broadcasting said that since the social turmoil began in June last year, Hong Kong's economic and operating environment has entered an adversity, and uncertainties in the global market have dragged down the Group's advertising revenue.
Affected by the decline, the performance of the Hong Kong Television and Broadcasting Division and the Group's results had a significant negative impact on the TV broadcasting materials for the year ended December 2019. A preliminary estimate of the Group's net profit in 2019 was not deducted from any impairment charges or Losses will be meager.
At the same time, the group stated that it is unlikely that the book value of the remaining SMI bonds could be recovered by 330 million yuan through a winding-up petition filed with SMI. Therefore, the Group expects that the loss attributable to shareholders of the company in 2019 (after deducting impairment expenses / losses) will exceed the net loss reported in 2018 of 199 million yuan.
The TV broadcast continued to explain that the suspension of Mainland cinema operations by the new coronavirus had a very significant adverse impact on the investment recovered from SMI. Therefore, the Board considers that the fair value of the convertible bonds will be reduced to a very low level and will record a fair value loss in 2019, but only after the group auditors have agreed to do so.
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