30th Sep 2019 15:01
(Alliance News) - Grand Vision Media Holdings PLC on Monday said its loss narrowed sharply in the first half of 2019, through a combination of reduced admission costs and administrative expenses, as well as a premium on an acquisition the year before.
Grand Vision's pretax loss for the six months ended June 30 was HKD8.2 million - around GBP846,000 - versus a HKD20.7 million loss a year before.
Contributing to this reduced loss were a more than halving of administrative expenses to HKD3.4 million from HKD8.3 million and a near halving of admission costs to HKD4.4 million from HKD8.4 million. On top of this, Grand Vision incurred a HKD5.3 million premium on a reverse acquisition back in 2018, with no such premium reported in 2019.
Revenue rose 6.8% to HKD7.9 million in the recent half-year from HKD7.4 million a year before.
Chief Executive Jonathan Lo said: "The successful pilot in Korea with CJ CGV cinemas is a significant development for the group. As a result, we are in the planning stage of a bigger roll out with the CJ CGV cinemas in Korea. This also encourages us to evaluate the possibility of expanding our network to other Asian countries."
Lo added: "The luxury goods segment in China continues to grow and we are planning to work with a leading distributor / buying office of luxury fashion brands in China to boost our market access and industry insights, allowing us to better serve clients in this sector. Through this partnership we hope to provide both on-line and off-line marketing services to luxury fashion brands seeking to establish themselves in China."
Shares in Grand Vision were untraded on Monday afternoon in London, last closing at 7.00 pence.
By Anna Farley; [email protected]
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