TORONTO — Asian Television Network International (ATN), Canada’s largest South Asian broadcaster, reported yesterday its consolidated operating revenue for the 12 months ended December 31, 2020 decreased 16% to $10.1 million compared to the previous fiscal year.
The company’s subscription revenues decreased 5%, while advertising revenue dropped by 41% in fiscal 2020 compared to the previous year ended December 31, 2019.
“The decline of advertising revenues further accelerated primarily due to several temporary closures for businesses impacted by Covid-19 although a steady decline is noticeable from before as well due to declining number of subscribers who continue to migrate to illegal IPTV set-top boxes,” says the company in its management discussion and analysis (MD&A) filing on Sedar.
ATN suffered a net loss of $534,606 for fiscal 2020, which is a significant improvement over the net loss of $2.3 million the company reported for fiscal 2019.
“Decrease in net loss this year is primarily as a result of cost cutting measures, government tax credits and government subsidies received by the company due to impact of Covid-19,” reads the company’s MD&A.
ATN reported an EBITDA of almost $1.6 million for its 2020 fiscal year, which compared to its negative EBITDA of $585,345 for fiscal 2019 is a positive change of almost $2.2 million year-over-year.
The company mentions in its MD&A it has applied and obtained approval for a government program which will allow it to reduce its staffing requirements during the downturn in the economy resulting from the Covid-19 pandemic.
ATN’s press release reporting its full-year 2020 financial results can be found here.
