Alibaba Footage Group, an leisure and movie unit of China e-commerce chief Alibaba Group, added to its run of crimson ink by reporting a first-half lack of 162.1 million yuan, or $24.7 million, within the six months to September.
That compares with a first-half lack of 390.Four million yuan throughout the identical interval final yr, in line with a submitting Thursday night. Income declined by 38% to 926.7 million yuan. (See particulars right here.)
The “growth of the COVID-19 pandemic and the ever-changing macro atmosphere have introduced varied challenges to the general operations of the group,” the corporate stated in a submitting.
Alibaba Footage’ new losses observe 4 years of crimson ink. It misplaced 1.15 billion yuan for the 12 months ending March 2020, 253.6 million yuan for the yr ending March 31, 2019, 1.eight billion yuan for the 15 months ending March 31, 2018, and 958.6 million yuan for the yr ended December 31, 2016. It made 466 million yuan in 2015, however misplaced 415 million yuan in 2014. All in all, the losses whole greater than the equal of $580 million in the course of the interval.
Alibaba Group, whose principal founder is billionaire Jack Ma, made an enormous push into the leisure business in 2014 simply forward of its world-record IPO on the New York Inventory Alternate. Alibaba Group bought a 60% stake in ChinaVision Media Group, a Hong Kong-listed media and program content material producer, for $805 million at a value of HK$0.50 a share in June 2014. The inventory tripled in reference to the announcement, and ChinaVision modified its identify to Alibaba Footage. Shares peaked at HK$4.9 in 2015; they closed at HK$1.02 on Thursday and have misplaced a fifth of their worth up to now yr. Alibaba Group, a robust e-commerce chief whose companies additionally embody finance, logistics and supermarkets, owns half of Alibaba Footage, in line with the photographs unit’s newest annual report.
See associated publish right here: