G.H.Y Culture & Media Holding has reported revenue of $43.8 million for 6MFY2021, up 17.9% from the year earlier period, thanks to higher sales of TV productions booked.
However, earnings dropped by 73% y-o-y to $3.5 million, as the on-going pandemic hurts its concert production business.
The absence of a one-off gain from the sale of an associate in 6MFY2020 affected the bottomline as well.
However, the company is upbeat that the current second half of the year will be better, with a “robust” pipeline of productions in the line-up or underway.
As at June 30 2021, the company’s receivables – a measurement of the prepayments made by clients for the upcoming productions – was $17 million, up from $10.4 million as at Dec 31 2020.
The company, therefore, will be “on track to deliver a strong financial performance in the year ending 31 December 2021.”
Guo Jingyu, the company’s executive chairman and group CEO believes that the growth rate will also be accelerated its diversification into fast-growing adjacencies such as musicals and short-form online videos.
GHY shares closed on Aug 11 at 61 cents, down 2.42% for the day, and down 20.39% year to date.
