Forex drag causes GHY Culture & Media to remain in the red for 1HFY2023

With further resumption of its media production business, GHY expects to make a turnaround in FY2023.

GHY Culture & Media Holding reported revenue of $32.7 million for 1HFY2023, up 58% y-o-y as it generated more business from concerts post-pandemic, and as its other media production business began to resume.

However, hit by unfavourable forex, specifically the depreciation of the RMB versus Singdollar, the reporting currency, the company has remained in the red. The company reported a loss of $1.9 million for its 1HFY2023 ended June, versus red ink of $1.8 million reported for the period ended June 2022.

If the net forex loss of $3.4 million is disregarded, GHY would have reported earnings of around $1.5 million.

"Whilst the foreign exchange loss recorded in 6M2023 has outpaced our operational profitability, we remain optimistic for FY2023 with our strategic priorities and plans ahead," says executive chairman Guo Jingyu.

With further resumption of its media production business, GHY expects to make a turnaround in FY2023.

GHY closed Aug 7 at 37 cents, down 1.35% for the day and down 13.1% year to date.

 

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