The company posted a net loss of $289.9m in 2019 but bounced back during the pandemic.
Hong Kong Technology Venture Company Limited, formerly known as Hong Kong Television Network Limited, posted a profit worth $183.6m in 2020, following a net loss of $289.9m in the previous year.
The group’s turnover climbed 103.5% to $2.87b in 2020 against $1.4b in 2019, largely due to its direct merchandise sales that grew 79% to $1.970b.
Its concessionaire sales and other income rose to $883.8m from $302b in the previous year, whilst its multimedia advertising income and licensing of programme rights increased to $23.8m from $10.2m.
Through its HKTV mall, the company achieved a $5.95b gross merchandise value (GMV) on order intake, reflecting a 114.2%year-on-year increase and outperforming its revised target of $5.75b.
“The Group will adjust the development direction of HKTVmall in accordance with the social economic situation,” Paul Cheung Chi Kin said in a statement.
“If economic situation remains weak, HKTVmall will be more focusing on daily necessities such as supermarket products and groceries; otherwise, the development of HKTVmall will be more diversified in order to grasp the opportunities brought by economic recovery.”
For 2021, the Group set its target GMV at $6.6b to $7b, which is a yoy growth of 11-17.6%.
“The performance up to February 2021 was in line with our business plan and we project the GMV on order intake for March 2021 will be around HK$520.0 million,” the company noted.
It also aimed to generate a multimedia advertising income worth $70m this year.
In the same announcement, the Group moved to change its name to Hong Kong Technology Venture as a way to more accurately reflect the principal activities of the company.
The group noted the name change is still subject to the approval of the shareholders and the Companies Registry.
Do you know more about this story? Contact us anonymously through this link.