Television Broadcasts (511) H2 2024 earnings summary

Executive summary

• Achieved positive EBITDA of HK$295 million in 2024, a HK$435 million improvement from the prior year’s loss.

• Loss attributable to equity holders reduced by HK$272 million to HK$491 million; adjusted loss (excluding non-recurring items) was HK$88 million.

• Core TV-related business revenue rose 10% to HK$3,131 million, driven by 17% growth in both Hong Kong TV Broadcasting and Mainland China Operations.

• Group revenue declined 2% to HK$3,258 million due to e-Commerce downsizing.

• No dividend recommended for the year.

Financial highlights

• Total revenue: HK$3,258 million (down 2% year-over-year).

• EBITDA: HK$295 million (vs. loss of HK$140 million in 2023).

• Loss attributable to equity holders: HK$491 million (vs. HK$763 million in 2023); adjusted loss: HK$88 million.

• Loss per share: HK$1.09 (vs. HK$1.74 in 2023); adjusted loss per share: HK$0.20.

• Operating costs reduced by 15% to HK$3,279 million.

Outlook and guidance

• Pre-commitments for 2025 advertising packages exceeded prior year by double digits, indicating expected growth in advertising income.

• New advertising sales in Guangdong province and continued Macao cultural initiatives expected to boost 2025 revenue.

• Digital advertising and drama co-production in mainland China remain key growth drivers.

• EBITDA and net profit expected to be substantially higher in 2025.