GHY Culture & Media Holding Co (SGX:XJB) expects to report a net loss for the year ended Dec. 31, 2024, citing the cancellation of a soccer tournament in Shenzhen and lower profit margins in its television, film, and concert production segments, according to a Friday filing on the Singapore Exchange.
The entertainment company said costs linked to the canceled January tournament, including fees paid to Saudi club Al Nassr, weighed on its performance.
It is in discussions with the club to offset some of these expenses against future events. Additionally, the group's profit margins declined due to challenging market conditions affecting its core businesses.
GHY also said it will change its financial reporting currency from Singapore dollars to yuan, aligning with the nature of its business transactions. Its functional currency remains unchanged.
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