Universal Entertainment Culture (01046) announced annual results. Loss attributable to shareholders of HK$3.441 million narrowed by 67.18% year-on-year

According to the Zhitong Finance App, Global Entertainment Culture (01046) announced its annual results for the year ended June 30, 2024. The group achieved total revenue of HK$365 million during the period, an increase of 84.07%; losses attributable to shareholders were HK$3.441 million, a year-on-year decrease of 67.18%; and a basic loss of HK$0.0336 per share.

According to the announcement, the loss decreased compared to last year, mainly due to the sharp increase in revenue and contribution of the video distribution, film distribution and screening, grant and transfer of the film copyright business this year. In this year, the impact of the COVID-19 pandemic in mainland China and Hong Kong, China completely subsided. The Group's revenue from newly released films this year increased significantly compared to last year; and the total impairment losses on film copyright, films in production and film-related deposits this year decreased by about HK$29.3 million compared to last year.