Orange Sky Golden Harvest, a cinema company operating in multiple countries, recently announced it’s expecting to lose more money in 2023 compared to the previous year. This news comes shortly after the company said rumours of selling its cinemas in Singapore were not true. These Singapore cinemas are a big part of their business.
Originally known as Golden Harvest, this company was famous for producing movies during the 70s and 80s, making Hong Kong’s movie industry shine. They were also known for working with Bruce Lee. However, they sold their movie library in 1993 and haven’t been much involved in making movies lately.
They predict a net loss of at least HK$90 million for the year ending December 31, 2023. This is a bigger loss than the HK$46 million they reported for 2022. The company mentioned that their losses deepened, despite more people going to the cinema, partly because they had made some money from selling a property in 2022 which made that year’s financial results look a bit better.
Orange Sky Golden Harvest Warns of Loss, Denies Breakup Rumors https://t.co/uz1kd6sQ75
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Recently, there were rumours that the company might sell its cinema operations in Singapore, Hong Kong, or Taiwan, but Orange Sky Golden Harvest stated that, even though they are always looking for good business opportunities, they currently have no plans to sell any part of their business. Source
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