Multi-territory cinema operator Orange Sky Golden Harvest warned on Wednesday that it will return to losses when it suffers 2023 losses.
The announcement, made in regulatory proceedings, came just days after the company denied it was preparing to abandon its Singapore cinemas, which represent the majority of its business.
The company, formerly known simply as Golden Harvest, remains known for its film productions of the 1970s and 1980s, when Hong Kong’s film scene was the most vibrant in Asia, and as the studio behind Bruce Lee. It purchased his library for Star TV in 1993 and has not been critically or consistently involved in production in the last decade.
It stated that “based on currently available data and the board’s preliminary assessment and evaluation of the Group’s unaudited consolidated management accounts, the Group is expected to record a net loss attributable to shareholders of at least HK$90 million for the year ending 31 December 2023, compared to an internet shortage of HK$46 million in the 12 months ending December 31, 2022.”
It provided little insight into the worsening losses – which occur despite improving physical activity – other than to say that the 2022 figures were flattered by a HK$56 million acquisition from a property disposal.
Late last week, the group responded to an anonymously sourced Bloomberg report that stated that OSGH management is considering the sale of its cinema chains in Singapore, Hong Kong or Taiwan. It is the main exhibitor in Singapore, a small player in Hong Kong and a minority owner of VieShow, the main exhibitor in Taiwan.
“The board needs to make it clear that, although it repeatedly evaluates numerous strategic alternatives that could benefit the Group, there are no current plans under consideration in relation to the sale of group companies,” it said in another document.
The post Orange Sky Golden Harvest denies breakup rumors appeared first on All celebrities.