On March 27, GLONGHUI Television Broadcasting (00511.HK) announced its annual results. In 2023, total revenue from core TV-related businesses (excluding the e-commerce division) increased by HK$114 million or 4% to HK$2,837 million, mainly due to revenue growth in Hong Kong TV broadcasting and the Mainland China business segment.
In 2023, the Group's revenue decreased from HK$3,586 million to HK$263 million or 7% to HK$3.323 billion, mainly due to a decline in revenue from the e-commerce segment.
Despite this, the Group's EBITDA loss narrowed to HK$140 million (2022: EBITDA loss of HK$338 million) due to a decrease of HK$458 million in cash operating costs (excluding depreciation and amortization) for the year, which exceeded the Group's revenue of HK$263 million.
Due to the strong revenue and cost savings recorded in the second half of the year, the Group's performance also continued to improve from an EBITDA loss of HK$186 million in the first half of the year to a positive EBITDA of HK$46 million in the second half of the year.
Losses attributable to the company's shareholders were reduced by HK$44 million to HK$763 million, mainly due to an EBITDA improvement of HK$198 million, which was partially offset by the deduction of certain existing and discounted assets and the discontinuation of income tax credits during the year. The annual loss per share was HK$1.74 (2022: HK$1.84).
Excluding the impact of special projects of a non-operating nature, the adjusted loss attributable to the company's shareholders was HK$607 million (2022: HK$679 million), while the adjusted loss per share was HK$1.39 (2022: HK$1.55).