HONG KONG, Nov. 26 /PRNewswire-Asia/ -- Qin Jia Yuan Media Services Company Limited (hereinafter referred as the "Group" or "QJY") (HKEX Stock code: 2366) announces its 2009 annual results which is summarized below.
Highlights for the year ended 30 September 2009:
HK$'000
Turnover 226,129
Profit after taxation from operating activities 66,037
Fair value change on financial instruments 9,357
One-off impairment loss for intangible assets,
reimbursements receivables, long term deposits
and other receivables not involving further cash outflow (465,885)
Loss for the year (390,461)
The board of directors of the Company proposed to declare a final dividend of HK0.88 cent per share from its profit after taxation from operating activities of HK$66 million. The Group will offer its shareholders an option to elect for script dividends in lieu of cash dividends.
Key strategic developments include:
-- Sharp reduction in large scale investment in television drama
production
-- Progress towards establishing QJY as an integrated media platform
-- Development of out-of-home advertising division
-- Partnership to launch TV Shopping Channel
-- Develop performance act and large-scale concerts
The Chairman of QJY, Dr. Wong Yu Hong, Philip, stated that, since the outbreak of the financial tsunami in the fourth quarter of 2008, the global economic outlook had remained uncertain up to the first half of 2009. During the difficult times, the Group decisively reduced its investment in large TV drama production projects with a long payback period. At the same time, the Group captures opportunities brought by the state policies for the media industry for establishing an integrated media business platform with TV media business as its core operations in China. As a result, the Group has, one year ahead of its schedule, became one of the few overseas listed companies focusing on domestic integrated media business in China.
Business Prospects:
The CEO of QJY, Dr. Anita Leung mentioned that, in July 2009, China's Premier Wen Jiabao announced the Cultural Ventures Planning giving strong support to the development of eight major cultural businesses in China. The Group's principal businesses, including TV programs production, advertising, show and entertainment promotion, and culture creativity, all fall within the scope of the Plan which are expected to receive great attention and strong support from the state.
In addition to the revenue from distribution of non-script small-scale TV programs and related advertisements, the Group will be able to maintain steady growth in revenue from sales of its film library. The three new media business, namely, Out of Home Advertising, Large Scale Concerts and TV Shopping, will also bring additional revenue to the Group.
It is estimated that the revenue from cross-media advertising and TV Shopping business will grow. The Group will continue to expand into other media related businesses which are covered by the state's encouraging policies so as to become a full fledged integrated media group.
Editors Notes:
About QJY's Business
QJY operations are entirely within the People's Republic of China. The Group's principal operating activities are divided into two areas:
(i) TV related
This includes program production, channel advertisements and TV Home
shopping
(ii) Non-TV business
-- Outdoor advertisements (the only outdoor LED board with news
contents from Xin Hua News Agency) *
-- Large-scale events and concerts **
-- Nationwide public relations and marketing planning services
* Operation will commence in December 2009
** Operation will commence in the first quarter of 2010
For enquiries, please contact:
Trimaran Corporate Communications
Canny Liu
Senior Account Executive
Tel: +852-3101-4684
