Alibaba Pictures Narrows Loss as Distribution Business Turns First-Ever Profit
Zhang Yushuo
DATE:  May 29 2019
/ SOURCE:  yicai
Alibaba Pictures Narrows Loss as Distribution Business Turns First-Ever Profit Alibaba Pictures Narrows Loss as Distribution Business Turns First-Ever Profit

(Yicai Global) May 29 -- Alibaba Pictures, which co-produced this year's smash-hit Chinese movie The Wandering Earth, narrowed its annual net loss to CNY1 billion (USD144.7 million) thanks to the first profit at its online publicity and distribution division.

Digital ticketing was a big driver of growth for its key publicity and distribution segment, the Hangzhou-based firm said in an earnings report for the year ended March 31, its first since becoming a unit of Alibaba Group Holding in early March. 

Operating revenue rose 9 percent to CNY3 billion on a 13 percent jump in earnings from online publicity and distribution to CNY2.5 billion.

Shares of Alibaba Pictures [HKG:1060] were 2.5 percent lower at HKD1.54 (USD) as of 3.27 p.m. in Hong Kong. The benchmark Hang Seng Index was also moderately off.

Revenue from the firm's integrated development business centered on intellectual property derivatives, while film and television investment services nearly tripled to CNY111 million, and content production earned CNY459 million.

The firm secured 47 new IP derivative projects in the last fiscal year through cooperation with domestic and foreign copyright owners such as Amblin Partners, Paramount Pictures, Fox Broadcasting and Central Pictures.

Editor: William Clegg

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Keywords:   Alibaba Pictures,Earnings Report