DBS Group Research analyst Ling Lee Keng has downgraded her recommendation on G.H.Y Culture & Media Holding as its results for the FY2021 stood “drastically below expectations” on the back of Covid-19 induced delays.
For the FY2021 ended December, G.H.Y. Culture & Media Holding reported earnings of $3.9 million, down 90% from FY2020’s earnings of $38.1 million. The lower earnings were due to lower revenue contribution from the TV programme and film production business segment, said the company in their results statement on March 1.
The lower earnings were also due to the absence of revenue contribution from the concert production business segment.