According to the Zhitong Finance App, TV broadcast (00511) announced the results for the year ended December 31, 2023. The group obtained revenue of HK$3.322 billion, a year-on-year decrease of 7.33%; losses attributable to the company's shareholders amounted to HK$763 million, a year-on-year decrease of 5.5%; and a loss of HK$1.74 per share.
Total revenue from core television-related businesses (excluding the e-commerce segment) increased by HK$114 million or 4% to HK$2,837 million, mainly due to revenue growth in the Hong Kong Television Broadcasting and Mainland China business segments.
The Group's EBITDA loss narrowed to HK$104 million (2022: EBITDA loss of HK$338 million) due to a decrease of HK$458 million in cash operating costs (excluding depreciation and amortization), which exceeded the Group's revenue of HK$263 million.
Due to strong revenue and more cost savings 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.