G.H.Y Culture & Media Holding’s earnings for 2HFY201 plunged 98% y-o-y to just $421,000, as the pandemic hurt the company’s media and concert production businesses.

Revenue for the same half year ended Dec 2021 was down 56% y-o-y to $39.5 million.

For the full year, the company reported earnings of $3.9 million, down 90% over FY2020; revenue, meanwhile, was down 34% to $83.3 million.

“The operating environment was challenging in FY2021 with continued COVID-19 restrictions in place, resulting in production delays and the suspension of concerts,” says executive chairman and group CEO Guo Jingyu.

Nevertheless, with its various operating bases across the region, the company was able to reallocate resources to where it can try and continue to operate and produce.

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“Our priorities were centred on maintaining disciplined cost management across our operations and to invest strategically to strengthen our capabilities. This will effectively position us for growth in FY2022,” says Guo.

The company expects to benefit from a “stronger pipeline” of productions in the current FY2022. Besides a bigger number of productions slated, it expects to enjoy some revenue spillover from work done in FY2021 but yet to be recognised.

“We are also cautiously optimistic on the resumption of Concert Production, which will bring significant contribution to our revenue. Supported by a robust balance sheet, we look forward to resuming our planned growth trajectory in FY2022,” says Guo.

The company plans to pay a dividend of 0.1 cent per share, which translates into a payout ratio of around 30%.

GHY Culture & Media shares on March 1 closed at 41 cents, up 3.8% for the day but down 24.79% year to date.

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