HONG KONG: Hong Kong’s pay-television operator i-Cable Communications said Wednesday its net loss in first half of 2017 widened owing to a decline in advertising and subscription revenue.
Net loss for the six months ended Jun. 30 was HK$141.14 million ($18.06 million) compared with a loss of HK$134.78 million in the same period a year ago, the company said in an exchange filing. Revenue decreased 9.7% to HK$641.11 million compared with HK$709.88 million a year ago. “The advertising market remained quite weak generally and was exacerbated by competition from free TV, digital and OTT platforms. On the subscription business front, contraction of customer base remained but average revenue per user continued to improve,” the statement said. “New equity is expected to be injected by September to address uncertainties about the group’s funding,” it added.