China’s Enlight Sees First Half Profits Dip

HONG KONG – Profits at Beijing Enlight Media, one of China’s largest film and TV groups, took a 40% tumble in the first half of the year.

The stock market-listed Enlight reported revenues of RMB301 million ($48.8 million) and net profits of RMB102 million ($16.5 million), down from RMB171 million ($27.7 million) in the Jan-June period.

It pointed to differently scheduled TV productions as the main cause of the revenue and profits drop and said that more shows will air in the second half of the year.

Its film business, which is currently the top private sector distributor in China and handled “The Breakup Guru” (pictured) and “Dad, Where are We Going,” saw essentially flat gross box office receipts of RMB1.37 billion ($222 million), but profits down 44% at RMB19.6 million ($3.2 million). This is attributed to changed revenue splits.

Despite the setbacks, Enlight said it will raise an additional RMB 46.8 million ($7.59 million) for its digital studio center expansion project.

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