Hot Topics:

China's Asian Union posts a loss

Revenues plunge from $39.1 mil to $24 mil

Pair file $1.3 bil suit against CNN

Canadian pay TV, PPV, VOD revs rise

Asian Excellence honored in L.A.

Pellicano judge threatens mistrial

SAG, studios take the weekend off

First round of sweeps goes to ABC

Spielberg abandons 'Harvey'(1943 views)

'Blind Side' gains B.O. yardage over 'New Moon'(1838 views)

Nine(1797 views)

Taylor Lautner to star in 'Max Steel'(969 views)

Johnny Depp eyes Pancho Villa role(893 views)

Bennett Miller to direct 'Moneyball'(692 views)

HONG KONG -- Chinese TV and film group Asian Union revealed losses in 2007 amounting to HK$81.3 million ($10.4 million), compared with profits of $33.8 million in 2006.

Company, which runs the Travel TV channel in mainland China, says downturn was mainly due to differences in performances of its financial assets.

But the company also saw revenues plunge from $39.1 million to $24 million and it made provisions of $3.46 million for bad debts.

Ad sales for Travel TV also fell, following a ban by the State Administration for Radio, Film and Television on certain direct marketing and classified ads, though company says channel is now better positioned to attract wealthy viewers.

Asian Union's movies and TV drama division saw a 37% revenue drop to $5.08 million, though here company says growing popularity of Chinese movies means it will invest in small and medium scale projects. Operating profits in the film sector fell 45% to $22.4 million.