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Television Broadcasts (511) investor relations material
Television Broadcasts H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group revenue for the six months ended 30 June 2025 was HK$1,498 million, down 1% year-over-year, with EBITDA improving 17% to HK$55 million and net loss narrowing by 24% to HK$108 million.
No interim dividend was declared for the period.
TV broadcasting maintained a 78% audience share and 85% share of TV ad spending in Hong Kong, with TV-related revenue up 1% and TV advertising up 4%.
Digital media saw robust growth, with myTV SUPER reaching 2 million monthly active users, digital ad revenue up 37%, and Digital Media revenue up 9%.
Mainland China operations faced an 8% revenue decline due to deferred project deliveries, but EBITDA rose 36% on cost savings.
Financial highlights
Revenue: HK$1,498 million (down 1% year-over-year); EBITDA: HK$55 million (up 17%); net loss: HK$108 million (improved from HK$143 million); loss per share: HK$0.23 (2024: HK$0.33).
Total assets: HK$5,539 million; total equity: HK$2,083 million; gearing ratio: 70.4% (2024: 66.7%).
Advertising revenue from terrestrial TV channels increased 4% year-over-year, with a market share of 85%.
Digital Media advertising revenue surged 37% year-over-year, driven by new initiatives and the launch of a free ad-supported streaming tier.
Cost of sales, selling, and administrative expenses all declined, resulting in a 3% reduction in total operating costs.
Outlook and guidance
Cautiously optimistic outlook for advertising revenue in both TV and digital segments for the remainder of 2025.
Digital media expected to maintain growth momentum, with digital ad income as a key driver.
Anticipates stronger revenue from Mainland China in H2 2025 as deferred projects are delivered.
EBITDA is projected to grow year-over-year, with a positive net profit anticipated for the full year 2025.
Economic conditions in Hong Kong and mainland China remain challenging, with weak demand and high interest rates.
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