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Alibaba Pictures Braces for Fourfold Loss Increase, Blames Coronavirus
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variety.com
variety.comBy Patrick Frater Asia Bureau Chief Alibaba Pictures, the separately listed entertainment arm of Chinese e-commerce giant Alibaba, warned that its losses will be at least $155 million in the year to March recently completed.
It blamed the coronavirus outbreak and “complicated difficulties” within the mainland Chinese entertainment industry in 2019.
In a filing to the Hong Kong Stock Exchange issued after trading hours and during a four-day public holiday, the company said that the “significant increase in the loss was primarily due to the complicated difficulties in pursuing profitable operation faced by the entertainment industry in mainland China since 2019, and the significant decrease in the group’s revenue in the fourth quarter of
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