Next Digital Ltd. (00282.HK) has swung to a net loss of HK$123 million for the six months ended September due to a plunge in advertising income and publishing fees.
Total revenue was down 20.3 percent from a year ago at HK$1.25 million, as income from advertising and publishing fees tumbled 34.2 percent and 17.1 percent respectively, the Hong Kong Economic Journal reported.
In the first half of the previous fiscal year, the media group posted a net profit of HK$104 million.
The group said the poor performance is largely the result of a weak economic environment in Hong Kong and Taiwan.
Two group publications Sudden Weekly and Next+One halted operations in August while Next Magazine was undertaking some restructuring.
The moves led to a total of HK$115.9 million in expenses and write-downs.
Next Digital, which was previously known as Next Media, said it intends to turn around its operations by focusing more on the digital business, whose revenue slid 36.6 percent during the six months to September.
– Contact us at [email protected]