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
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.
Efforts to reduce costs were reflected in lay-offs and other means, with a 13 per cent drop in headcount, to 3,496 employees.
TVB chairman Thomas Hui To said conditions would remain challenging in 2024.
“We are cautiously optimistic that our Hong Kong TV broadcasting business segment will see continued growth and recovery this year,” he said.
“We [will] continue to optimise our cost structure in this coming year. Content costs will be closely monitored, and general and administrative overheads kept under tight control. As a result, we expect to achieve positive Ebitda over the whole year of 2024,” Hui said, referring to earnings before interest, taxes, depreciation and amortisation.
