TORONTO, Aug. 25, 2020 /CNW/ - Asian Television
Network International Limited (ATN) Toronto Stock Exchange
Venture (TSXV: SAT) Canada's Pioneer South Asian Broadcaster
announce its second quarter 2020 consolidated financial and
operating results for the three and six months ended June 30, 2020, in accordance with International
Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and six months ended June 30,
2020 and June 30, 2019.
|
Three months
ended
June 30,
|
Six months
ended
June 30,
|
|
2020
|
|
2019
|
2020
|
|
2019
|
|
Operating
revenue
|
$2,223,981
|
|
$2,884,419
|
$4,669,119
|
|
$6,099,362
|
|
|
|
|
|
|
|
|
Total
operating
expenses
|
$2,530,787
|
|
$3,988,184
|
$5,653,470
|
|
$7,792,668
|
|
Loss before
tax
|
($306,806)
|
|
($1,103,765)
|
($984,351)
|
|
($1,693,306)
|
|
Income tax
recovery
|
$0
|
|
($161,804)
|
$0
|
|
($328,234)
|
|
Net loss for the
year
|
($306,806)
|
|
($941,961)
|
($984,351)
|
|
($1,365,072)
|
|
Basic and
Diluted
Loss per share
|
($0.01)
|
|
($0.04)
|
($0.04)
|
|
($0.06)
|
The Company posted a positive EBITDA of $161,704 for the three months ended June 30, 2020 as compared to negative EBITDA of
-$567,696 for the same period of
three months ending June 30, 2019.
Consolidated operating revenue decreased 23% of which subscription
revenues declined 12% and advertising revenue decreased by 54% this
quarter over same the three months ended June 30, 2020 having a negative impact on our
consolidated income. The decline of advertising revenues further
accelerated primarily due to several temporary closures for
businesses impacted by COVID-19 although a steady decline is
noticeable from before as well due to declining number of
subscribers who continue to migrate to illegal IPTV set-top
boxes.
For details please refer to the MD&A and the Complete
Financial Statements filed with SEDAR.
We are a Canadian media company. ATN serves Canada's diverse cultural communities with
more than 50 premium specialty television channels. We are publicly
traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more
information please visit www.asiantelevision.com
We seek safe harbor.
SOURCE Asian Television Network International Limited