Former Bruce Lee Studio, Orange Sky Golden Harvest, Is Worth Less Than $20 Million as Group Issues Fourth Profit Warning in Two Years
variety.comPatrick Frater Asia Bureau Chief Orange Sky Golden Harvest, the company that descended from East Asia’s once-dominant film studio Golden Harvest and is credited with establishing Bruce Lee, has put out a warning to investors of deepening losses.
It is the fourth profit warning by the company in the past two years. The company has moved away from Lee’s legacy and these days owns the largest cinema chain in Singapore, as well as others in Taiwan and Hong Kong.
For the six months to June, management warns that losses may increase from HK$25 million ($3.2 million) to as much as HK$100 million.
It blames impairment losses and a reduction in operating profits. That may be a further sign that cinema box office is struggling to recover in East Asia’s more mature economies, where OSGH is focused.
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