TORONTO , Nov. 25, 2020 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV: SAT) Canada's Pioneer South Asian Broadcaster announce its third quarter 2020 consolidated financial and operating results for the three and nine months ended September 30, 2020 , in accordance with International Financial Reporting Standards ("IFRS").
Summarized Consolidated Financial Results
Three and nine months ended September 30, 2020 and September 30, 2019 .
Three months ended September 30, | Nine months ended September 30, | |||||||
2020 | 2019 | 2020 | 2019 | |||||
Operating revenue | $ | 2,766,649 | $ | 2,994,964 | $ | 7,435,767 | $ | 9,094,326 |
Total operating expenses | 2,469,573 | 3,628,991 | 8,123,043 | 11,421,659 | ||||
Income (Loss) before tax | 297,076 | (634,027) | (687,276) | (2,327,333) | ||||
Income tax recovery | - | - | - | (328,234) | ||||
Net income (loss) for the year | 297,076 | (634,027) | (687,276) | (1,999,099) | ||||
Basic and Diluted Loss per share | $ | 0.01 | $ | (0.03) | $ | (0.03) | $ | (0.08) |
EBITDA | $ | 604,663 | $ | (275,971) | $ | 656,168 | $ | (895,791) |
Consolidated operating revenue decreased 8% of which subscription revenues increased 7% and advertising revenue decreased by 41% this quarter over same the three months ended September 30, 2019 having a positive impact on our consolidated income for the quarter. 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.
For details please refer to the MD&A and the Complete Financial Statements filed with SEDAR.
We are a Canadian media company. ATN serves Canada's diverse cultural communities with more than 50 premium specialty television channels. We are publicly traded on the Toronto Stock Exchange Venture (TSXV-SAT). For more information please visit www.asiantelevision.com
We seek safe harbor.
SOURCE Asian Television Network International Limited
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