HONG KONG — Chinese TV and film group Asian Union revealed losses in 2007 amounting to HK$81.3 million ($10.4 million), compared with profits of $33.8 million in 2006.
Company, which runs the Travel TV channel in mainland China, says downturn was mainly due to differences in performances of its financial assets.
But the company also saw revenues plunge from $39.1 million to $24 million and it made provisions of $3.46 million for bad debts.
Ad sales for Travel TV also fell, following a ban by the State Administration for Radio, Film and Television on certain direct marketing and classified ads, though company says channel is now better positioned to attract wealthy viewers.
Asian Union’s movies and TV drama division saw a 37% revenue drop to $5.08 million, though here company says growing popularity of Chinese movies means it will invest in small and medium scale projects. Operating profits in the film sector fell 45% to $22.4 million.