Hunan cable TV 2010 Earnings Up 1,295%

28 April 2011 10 h 24 min 2 comments

On April 28, Hunan TV and Broadcast Intermediary, the Hunan province’s cable operator recorded 1,295-percent growth in 2010 net profits to 410 million yuan, reports, citing a company filing. Sales revenues in 2010 rose 48.29 percent to 6.19 billion yuan. Basic earnings per share surged 1,343 percent to 1.01 yuan. Hunan TV announced cash dividends of 0.75 yuan (including tax) for every 10 shares held.

In 2010, the company benefited from a sharp increase in both revenues and profits of cable networks. The firm also lowered holdings in some venture investments, resulting in improved profits. Its cable TV network business (including Hunan Cable with 3,4 million subscribers) has seen great growth in both revenues and profits in 2010 which contributes to the predicted increase of the entire company. 

Undear the leadership of its major shareholder, Hunan Broadcasting System, the company integrated 96 town and city-level cable networks throughout Hunan Province and had 17 venture capital endeavors successfully conduct an initial public offering or receive approval for listing as of January 2011. After January 1, Hunan TV and Broadcast Intermediary will no longer have exclusive rights to advertising on media affiliated with the Hunan Broadcasting System, thus the company plans to step up focus on its cable network and venture capital businesses.

. On March 11, the company and a wholly controlled subsidiary Hunan Huiyue Cable Network Limited announced their plan to pay 66 million yuan for stakes in Hunan Cable TV Network Group and Hengyang TV and Broadcast Limited, reports, citing a company filing. The acquisition plan includes equity in unspecified town-level internet joint ventures. This deal is part of the strategy of Hunan Tv & Broadcast to focus and consolidate its cable oprations.

. On April 18, chinese newspapers announced that Hunan TV & Broadcast Intermediary Co., Ltd. was is in the process of launching a venture capital fund that has an aggregate Rmb3.5 billion (US$534.8 million) in total capital. But this rumour was not confirmed by the group.
For the first quarter 2011, the Changsha-based firm earned 207 million yuan, up 4,326 percent year-on-year. Sales revenues during that period fell 61.99 percent to 590 million yuan.

SOURCES: Hunan Tv & Broadcast, Capital Vue (28/04/2011)

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