HONG KONG — Golden Harvest, the conglom that once bestrode the Hong Kong industry, has returned to profitability after several years in the red.
Group announced a net profit for the six months to end December of HK$5.06 million ($649,000). That compares with a loss of $2.3 million in the equivalent period last year. Revenue jumped to $34 million, up from $12.6 million.
Growing focus on exhibition is largely responsible for turnaround. Golden Harvest completed its acquisition of a 40% stake in Warner Village in Taiwan and growing capacity in booming Malaysia. Company also opened its first mainland multiplex, a seven screener in Shenzhen which was ranked as second busiest ‘plex in China. A second theater in Shenzhen, with a further five screens, is under construction.
Group’s distribution activities in Hong Kong grew 26 percent and had a 35 per cent market share. But its exhibition side suffered from competitive pressure and revenues were eroded 2 percent to $8.39 million.
Spanning five territories, group now has 47 cinemas with 325 screens across Asia.