GHY Culture & Media Expects Fiscal Year 2024 Net Loss on Event Cancellation
GHY Culture & Media Holding Co anticipates a net loss for the fiscal year ending December 31, 2024, due to the cancellation of a soccer tournament in Shenzhen and declining profit margins in its television, film, and concert production segments. The company is negotiating with Saudi club Al Nassr to mitigate costs from the canceled event. Additionally, GHY will switch its financial reporting currency from Singapore dollars to yuan, while maintaining its functional currency.
GHY Culture & Media Holding Co expects to report a net loss for the year ended Dec. 31, 2024, citing the cancellation of a soccer tournament in Shenzhen and lower profit margins in its television, film, and concert production segments, according to a Friday filing on the Singapore Exchange.
The entertainment company said costs linked to the canceled January tournament, including fees paid to Saudi club Al Nassr, weighed on its performance.
It is in discussions with the club to offset some of these expenses against future events. Additionally, the group's profit margins declined due to challenging market conditions affecting its core businesses.
GHY also said it will change its financial reporting currency from Singapore dollars to yuan, aligning with the nature of its business transactions. Its functional currency remains unchanged.
