Posted: Mon., Mar. 29, 1999

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Asian turmoil squeezes TVB

Profits down, ratings up

HONG KONG -- Asia's economic turmoil continues to plague media company Television Broadcasts (TVB), which saw its net profit shrink nearly 20% last year.

While revenue climbed a modest 1.1% to HK$3.35 billion ($432 million) last year, net profit plunged from $77 million in 1997 to $62,000 in 1998, according to the company's annual report.

"We are currently looking for a bottoming out of the economic downturn in Asia sometime during the second half of 1999," the company said in a statement.

TVB, the city's leading terrestrial broadcaster, said that in the local market, ratings gains over the past two years have continued to hold up.

The company lavished praise on the government's "many enlightened and visionary proposals" contained in last year's television policy review, singling out the government's plan to discontinue royalty taxes on broadcasters.

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