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.
|
Three months ended
March 31,
|
|
2020
|
|
2019
|
|
Operating
revenue
|
$
|
2,445,137
|
|
$
|
3,214,943
|
|
|
|
|
|
Total operating
expenses
|
3,122,684
|
|
3,804,484
|
|
Loss before
tax
|
(677,547)
|
|
(589,541)
|
|
Income tax
recovery
|
-
|
|
(166,430)
|
|
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