Canada NewsWire
TORONTO, Nov. 25, 2020
TORONTO , Nov. 25, 2020 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV: SAT) Canada's Pioneer South Asian Broadcaster announce its third quarter 2020 consolidated financial and operating results for the three and nine months ended September 30, 2020 , in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and nine months ended September 30, 2020 and September 30, 2019 .
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|
Three months ended September 30, |
Nine months ended September 30, |
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|
2020 |
2019 |
2020 |
2019 |
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|
Operating revenue |
$ |
2,766,649 |
$ |
2,994,964 |
$ |
7,435,767 |
$ |
9,094,326 |
|
|
|
|
|
|
||||
|
Total operating expenses |
2,469,573 |
3,628,991 |
8,123,043 |
11,421,659 |
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|
Income (Loss) before tax |
297,076 |
(634,027) |
(687,276) |
(2,327,333) |
||||
|
Income tax recovery |
- |
- |
- |
(328,234) |
||||
|
Net income (loss) for the year |
297,076 |
(634,027) |
(687,276) |
(1,999,099) |
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|
Basic and Diluted Loss per share |
$ |
0.01 |
$ |
(0.03) |
$ |
(0.03) |
$ |
(0.08) |
|
EBITDA |
$ |
604,663 |
$ |
(275,971) |
$ |
656,168 |
$ |
(895,791) |
Consolidated operating revenue decreased 8% of which subscription revenues increased 7% and advertising revenue decreased by 41% this quarter over same the three months ended September 30, 2019 having a positive impact on our consolidated income for the quarter. The decline of advertising revenues compared to same three month period in 2019 continues due to businesses impacted by COVID-19 restrictions although it has increased from previous quarter ending on June 30, 2020 . For the nine month period ending September 30, 2020 , the decline in subscription revenue continues 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
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