Hong Kong TV rebounds to $183.6m profit after 2019 loss

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.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Unemployment rate rises to 5.4% from February to April
The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.  
Economy