ATN Reports Its Second Quarter for the Three And Six Months Ended June 30, 2020
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 |
Six months ended |
|||||
2020 |
2019 |
2020 |
2019 |
|||
Operating revenue |
$2,223,981 |
$2,884,419 |
$4,669,119 |
$6,099,362 |
||
Total operating |
$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 |
($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
A Bhandari, CPA, CA, CFO, Asian Television Network International Limited, Markham, Ontario, L3R 8E4, 905-948-8199
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