China’s TVB boosts profits 15%

HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996.

And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next few years.

The company reported net profit for the six months ended June 30 of HK$205 million ($26.5 million) compared with HK$178 million ($22.9 million) in the same period a year ago. That was slightly ahead of analysts’ expectations. Revenue rose nearly 11% to $190 million from $172 million.

The company, which holds licenses for two of the city’s four terrestrial channels, attributed its strong showing to the success of its lineup, particularly on the Cantonese-lingo Jade channel. The company airs the less popular English-language programs on its Pearl channel.

“Notwithstanding only modest rebounds in consumer and advertising spending, resulting in only a marginal increase in total Hong Kong advertising spending during the period, the continuing popularity of TVB programs enabled the company to increase its overall share of the television advertising pie and thus boost profits,” the broadcaster said in a statement issued by executive chairman Run Run Shaw.

On the international side of the business, the broadcaster plans to continue to focus “considerable effort and resources” to meet the demand for programming. TVB is considered one of the prime exporters of Chinese-language dramas in Asia.

“China presents many opportunities and a potentially lucrative market for TVB programming,” the company said. “We will continue to explore ways to help China meet its massive needs for quality TV entertainment and will allocate production resources there as well as to other emerging markets in the region.”

More TV

  • 'The Bachelorette' Week 8 Recap: Becca

    'The Bachelorette' Recap: Becca Kufrin Meets the Families on Hometown Dates

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Will Catlett

    'Love Is___' Star William Catlett Signs With CAA (EXCLUSIVE)

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Nick Cannon King of the Dancehall

    TV News Roundup: Nick Cannon to Host 2018 Teen Choice Awards

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Rugrats. Nickeoldeon Animation Studios

    'Rugrats' Relaunch Set With Nickelodeon Series, Paramount Movie

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Sacha Baron Cohen

    Showtime Counters Sacha Baron Cohen 'Stolen Valor' Claims

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Wyatt Russell in Lodge 49 AMC

    TV Review: AMC's 'Lodge 49' Starring Wyatt Russell

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

  • Zoey Deutch

    Ryan Murphy Netflix Series 'The Politician' Casts Zoey Deutch, Three More Series Regulars

    HONG KONG — Thanks to “continued dominance in programming,” Television Broadcasts Ltd. (TVB) reported a 15% improvement in profits for the first six months of the year over the same period in 1996. And the company anticipates that its expansion into international markets, especially mainland China, will help boost the bottom line over the next […]

More From Our Brands

Access exclusive content