ATN Reports its First Quarter for the Three Months Ended March 31, 2020
Declining revenues are predominantly as a result of increased internet piracy, consumers shifting towards illegal digital IPTV set-top boxes and declining advertising revenues.
TORONTO, May 26, 2020 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV-SAT) Canada's Pioneer South Asian Broadcaster announce its first quarter 2020 consolidated financial and operating results for the three months ended March 31, 2020, in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three months ended March 31, 2020 and March 31, 2019.
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Three months ended March 31, |
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|
2020 |
2019 |
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|
Operating revenue |
$ |
2,445,137 |
$ |
3,214,943 |
|
|
Total operating expenses |
3,122,684 |
3,804,484 |
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|
Loss before tax |
(677,547) |
(589,541) |
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|
Income tax recovery |
- |
(166,430) |
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|
Net loss for the year |
$ |
(677,547) |
$ |
(423,111) |
|
|
Basic and Diluted Loss per share |
$ |
(0.03) |
$ |
(0.02) |
|
Declining revenues are predominantly as a result of increased internet piracy, consumers shifting towards illegal digital IPTV set-top boxes and declining advertising revenues. While the Company is actively involved in fighting this negative trend, the court issued the first Canadian site blocking order against sites that predominantly facilitate copyright infringement. This marks a significant step in the right direction towards Canada's fight against piracy.
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
