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2020-07-02 16:06:45
HKTV (01137) sees to swing to profit in 1H

(Infocast News) Hong Kong Television Network Limited (01137) is expecting to record a net profit for the six months ending 30 June 2020 of not less than HK$90 million, as compared with a net loss for the corresponding period in 2019 of HK$155.4 million.

This is the first turnaround to profit after the group suffered accumulated losses of HK$1,697.6 million from 2015 to 2019 since the grand launch of its eCommerce business.

The expected turnaround from loss to profit was mainly due to the growth momentum brought forward from the upward trend in sales performance in 2019 as a result of the continuous effort on offline-to-online customer conversion and also the shift towards online purchase on increasing product categories and purchase frequency; the increase in total gross profit margin and blended commission rate and the decrease in fulfillment cost as a percentage of Gross Merchandise Value (GMV) on completed orders due to the growth in business volume; and the surge in online traffic and business volume for the group under the COVID-19 pandemic which further enhanced the sales performance in the five months ended 31 May 2020.

(WL)