Media and entertainment company GHY Culture & Media Holding XJB is expecting to report a net loss for the FY2022 ended Dec 31, 2022.
The loss is mainly attributable to a few factors including foreign exchange (forex) loss from the strengthening of the Singapore dollar (SGD) against the Chinese renminbi (RMB).
In addition, contract signings with some customers under the TV Program and Film Production business segment were delayed in FY2022 due to the heightened Covid-19 measures in China from March 2022 to November 2022.
“While key terms may have been agreed in principle with customers, contract signing and production with some of the customers were delayed due to the heightened Covid-19 measures in China during FY2022, which presented challenges in finalising these contracts, thereby resulting in a decrease in revenue contribution to the group in FY2022,” says the group.
Shares in GHY Culture & Media Holding closed flat at 40.5 cents on Feb 17.
