Hong Kong broadcaster TVB’s first-half profit rises as drama series find ready audience in mainland China

August 22, 2018
Industry News
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Yujing Liu
yujing.liu@scmp.com

Television Broadcasts, Hong Kong’s main free-to-air broadcaster, posted an 18 per cent rise in first-half profit on Wednesday, thanks to strong income from drama serials co-produced in mainland China and to higher advertising income.

The oldest television station in the city said its net profit climbed to HK$201 million (US$26 million) for the first six months of this year, from HK$170 million in the same period last year. Revenue increased 10 per cent to HK$2.2 billion.

The improved earnings mark a recovery for the station after profit had more than halved last year amid an economic downturn, and after turbulence in its ownership structure earlier this year. In January it withdrew a controversial share buy-back offer that would have lifted mainland Chinese mogul Li Ruigang’s stake in the firm.

Income from drama serials co-produced with Chinese studios, including Deep in the Realm of Conscience, a popular historical drama set in the Tang dynasty, and from licensing its own titles in mainland China pushed up revenue. Revenue generated in mainland China, now its second-largest market, grew 67 per cent to HK$404 million.

“A quarter of TVB’s drama production [is] now being co-produced with mainland Chinese partners,” the company said in a statement. “TVB continues to explore increasing business opportunities in mainland China.”

The firm generated 66 per cent of its revenue from Hong Kong, down from 69 per cent in the same period last year. Continue Reading 


 

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