TORONTO — Asian Television Network International (ATN), Canada’s largest South Asian broadcaster, reported its consolidated operating revenue decreased during its third quarter of 2020, compared to the same quarter of 2019, but it achieved positive net income for the first time in several quarters.
Overall, ATN’s operating revenue decreased 8% to $2.8 million for the three months ended September 30, 2020, compared to almost $3 million in revenue reported in Q3 2019. The company’s subscription revenues increased 7% in this year’s third quarter compared to last year, however advertising revenue decreased by 41% when compared to the same three-month period in 2019.
“The decline of advertising revenues compared to same three-month period in 2019 continues due to businesses impacted by Covid-19 restrictions although it has increased from previous quarter ending on June 30, 2020. For the nine-month period ending September 30, 2020, the decline in subscription revenue continues due to declining number of subscribers who continue to migrate to illegal IPTV set-top boxes,” reads ATN’s news release announcing its Q3 and year-to-date results for 2020.
ATN posted net income of $297,076 for the three months ended September 30, which is a significant improvement over the $634,027 net loss it reported for the same period of 2019. The company also reported positive EBITDA (earnings before interest, taxes, depreciation and amortization) of $604,663 for the third quarter of 2020, compared to a negative EBITDA of -$275,971 in the same quarter of 2019.
The company’s total operating expenses were $2.5 million in the third quarter of 2020, compared to $3.6 million in same three-month period of 2019.
ATN is a Canadian media company serving the country’s diverse cultural communities with more than 50 specialty TV channels.
