Orange Sky Golden Harvest, the multi-territory cinema operator, Wednesday warned that it will return to losses when it experiences its 2023 losses.

The announcement, made in a regulatory submitting, got here simply days after the corporate denied that it was getting ready to dump its cinemas in Singapore, which symbolize the largest element of its enterprise.

The corporate, as soon as recognized solely as Golden Harvest, stay well-known for its movie productions of the Seventies and Nineteen Eighties when Hong Kong’s movie scene was essentially the most vibrant in Asia, and because the studio behind Bruce Lee. It bought its library to Star TV in 1993 and has not been critically or constantly been concerned in manufacturing over the previous decade.

It stated “based mostly on the data presently obtainable and the board’s preliminary evaluate and evaluation of the unaudited consolidated administration accounts of the Group, the Group is anticipated to file a internet loss attributable to shareholders of not lower than HK$90 million for the 12 months ended 31 December 2023, as in comparison with a internet lack of HK$46 million for the 12 months ended 31 December 2022.”

It provided little clarification for the worsening losses – which come regardless of bettering field workplace exercise – besides to say that the 2022 figures have been flattered by a HK$56 million acquire from a property disposal.

Late final week, the group responded to an anonymously-sourced Bloomberg report that stated OSGH administration is contemplating a sale of its Singapore Hong Kong or Taiwan cinema chains. It’s the main exhibitor in Singapore, a small participant in Hong Kong and a minority proprietor of VieShow, the main exhibitor in Taiwan.

“The board needs to make clear that while the Board repeatedly evaluates numerous strategic alternatives which may profit the Group, there are not any present plans into consideration concerning the sale of companies of the group,” it stated in one other submitting.