Phoenix TV (02008) announced its mid-term performance in 2024, with revenue of approximately HKD 1.043 billion, a decrease of 8.0% compared to the same period last year...
Phoenix TV (02008) announced its mid-term performance in 2024, with revenue of approximately HKD 1.043 billion, a decrease of 8.0% compared to the same period last year. The operating loss was approximately HKD 0.182 billion, a decrease of 33.6% compared to the same period last year. The loss attributable to owners of the company was approximately HKD 0.184 billion, an increase of 42.8% compared to the same period last year. The basic and diluted loss per share was 36.94 Hong Kong cents.
According to the announcement, the main reason for the revenue decline was the challenging market environment in mainland China. Nevertheless, the group has taken effective cost control measures (especially in terms of employee costs) to mitigate the negative impact of the revenue decline.
In the first half of 2024, the company's performance showed a stable trend with frequent highlights. The company's innovation vitality and development resilience continued to be highlighted. Mr. Xu Wei, the Chairman and CEO of the Board of Directors, emphasized that Phoenix TV firmly adheres to its development positioning of being based in Hong Kong and facing the global market, focuses on its primary business and innovative development, advocates international exchanges, spreads Chinese culture, and fully promotes international construction, committed to becoming a world-class Chinese media group.