Next Media continues to make losses

NEXT MEDIA   REPORT   APPLE DAILY

Hong Kong - Next Media, publisher of Apple Daily and Next Magazine has predicted continued losses for the year ending March 2012 owing to rising operating costs.

The expected loss is attributed to the rising operating costs for the expansion and development of the group's TV and multi-media operations and the delay of the launch of Next TV channels on multi-system operator network in Taiwan.

Next TV channels were originally intended to debut at the beginning of 2012 in Taiwan, the delay in which has resulted in a dip in revenue contribution from this division.

In its statement, there was no comment about the performance of its free newspaper Sharp Daily which began its circulation in September 2011 with the goal of reaching a daily readership of one million.

In its interim results announcement in November 2011, the group recorded an unaudited consolidated loss of HK$275.2 million from continued operations for the six months ending 30 September 2011.

In June last year, Next Media sold its 70% stake of its animation production unit Colored World Holdings for US$100 million to Jimmy Lai, chairman and major shareholder of Next Media.

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