variety.com
film
reports
2020
Alibaba Pictures Losses Tumble During COVID Year
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variety.com
variety.comPatrick Frater Asia Bureau ChiefChinese film and tech group, Alibaba Pictures managed to slash its losses during the COVID-affected financial year to March 2021.
It pointed to strength and scale of its content as the differentiator between this and previous years.Revenue was little changed at RMB2.85 billion ($445 million).
Losses attributable to owners of the company were RMB96 million ($15 million), compared with RMB1.15 billion ($192 million).On another measure, including items that may be reclassified later, losses were RMB283 million (44.2 million), compared with RMB1.05 billion ($164 million).
Net cash flow, expressed as EBITA, was positive for the first time at RMB118 million ($18.4 million), compared with an outflow of RMB661.
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