Production and distribution of films dealing with topics such as 100th The founding anniversary of the Chinese Communist Party helped Alibaba Pictures turn a profit in the year ending March 31, the company said today.
The chronically unprofitable film and entertainment division of Chinese e-commerce Alibaba Group posted a net profit of 169.8 million yuan, or about $26 million, compared to a loss of 96.3 million yuan a year earlier. Revenue increased 28% to 3.6 billion yuan in the period leading up to the recent Covid restrictions in Shanghai and other regions of China.
Alibaba Pictures “upheld its value of the heroic deeds of ordinary people, which promotes strong feelings and positive attitudes, while at the same time covering major topics such as the 100th anniversary of the founding of the Chinese Communist Party, the 70th anniversary of China’s accession.” to the Korean War against US forces, and to China’s fight against the Covid-19 pandemic,” the company said in a statement.
The group has “produced and distributed many exceptional films that celebrate the Chinese spirit, Chinese values, and China’s strengths and aesthetics, including but not limited to The Battle of Changjin Lake and its sequel Water Gate Bridge, which promote the heroic spirit. and patriotism,” said Alibaba Pictures.
Alibaba Pictures participated in the production and distribution of 44 films in the 12 months to March 31, generating more than 26 billion yuan at the box office, accounting for 71% of the domestic film box office, the report said.
Alibaba Pictures profit declaration for the year to March is finishing multi-year red ink. It lost 96.3 million yuan in the year ended March 2021, 1.15 billion yuan in the 12 months ended March 2020, 253.6 million yuan in the year ended March 31, 2019, 1, 8 billion yuan for the 15 months ended March 31, 2018 and 958.6 billion yuan. million yuan for the year ended December 31, 2016. In 2015 it was 466 million yuan, but in 2014 it lost 415 million yuan.
Alibaba Group, whose main founder is billionaire Jack Ma, made a big step in the entertainment industry in 2014, just before the IPO on the New York Stock Exchange. Alibaba Group acquired a 60% stake in ChinaVision Media Group, a Hong Kong-listed media and software content producer, for $805 million at a price of HK$0.50 per share in June 2014. Shares tripled due to the announcement, and ChinaVision changed its name to Alibaba Pictures.
Shares peaked at HK$4.9 in 2015; they closed in Hong Kong on Wednesday at HK$0.70 and have lost 35% of their value over the past year.
Alibaba Group, a powerful e-commerce leader whose business also includes finance, logistics and supermarkets, owns half of Alibaba Pictures, according to the Hong Kong Stock Exchange.
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