1st Jul 2020 13:48
Grand Vision Media Holdings PLC - Hong Kong-based digital media company - Posts pretax loss for 2019 of HKD14.9 million - or GBP1.6 million - narrowed significantly from HKD32.8 million in 2018. This was despite revenue falling 33% to HKD12.0 million from HKD18.0 million due to political unrest in Hong Kong and a significant reduction in Chinese tourists to the region. Administrative expenses were HKD16.4 million, down from HKD38.7 million the previous year.
Looking ahead, Grand Vision says the pandemic has significantly hurt its trading in 2020, adding that it is uncertain on when trading conditions will return to pre-Covid levels. Sales for the first quarter of the year were below the prior year as a result of the ongoing cinema closures
in China which have led to a subsequent reduction in advertising revenues marketing budgets. For now, it will increase its focus on e-commerce marketing and services to mitigate against the decline in traditional revenue.
Current stock price: untraded, last quoted at 5.00 pence
Year-to-date change: down 67%
By Ife Taiwo; [email protected]
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