BRIGHT CULTURE (01859) issues profit warning, expecting a significant reduction in comprehensive loss attributable to equity shareholders in 2024.

Bright Culture (01859) announced that it is expected that the company's comprehensive loss attributable to equity shareholders for the 2024 financial year will be significantly reduced, amounting to approximately RMB 7-8 million, compared to a comprehensive loss of approximately RMB 1.2885 billion for the 2023 financial year. Excluding one-off resumption expenses incurred by the company in the 2024 financial year, it is expected that the company will achieve a comprehensive profit attributable to equity shareholders of approximately RMB 500,000 to RMB 1.5 million in the 2024 financial year. According to the announcement, the significant reduction in the net loss is mainly attributable to one-off impairment and write-offs in the 2023 financial year: impairment loss on program copyrights of approximately RMB 413.9 million; impairment loss on confirmed trade and other receivables of approximately RMB 333.9 million; write-off of prepaid expenses of approximately RMB 252.3 million; and write-off of TV program investments of approximately RMB 151.2 million.