TORONTO – Asian Television Network International Limited (ATN), Canada’s largest South Asian broadcaster, reported Monday a net profit of $92,000 and EBITDA of $293,000 on revenues of $2 million in the third quarter of its 2023 fiscal year.
This is a more positive financial picture than a year ago when ATN reported a net loss of $254,000 and EBITDA of $4,800 on revenues of $1.98 million for the three months ended Sept. 30, 2022.
In its management’s discussion and analysis filed with SEDAR, ATN says its Q3 2023 revenue increased by 17 per cent compared to the second quarter of 2023, with subscription revenues increasing 3 per cent and advertising revenues jumping by 29 per cent during this three-month period compared to the previous quarter ended June 30, 2023.
ATN has reported net losses in several of its most recent quarters.
The broadcaster’s consolidated operating expenses of $1.9 million in the third quarter of 2023 decreased by 15 per cent compared to the same quarter of 2022, “attributable to strategic cost-cutting measures and streamlining efforts undertaken in response to declining revenues and cash constraints,” ATN’s MD&A reads.
At the end of the quarter, ATN announced a new partnership with Indian media company Disney Star to launch four channels — ATN Star Plus, ATN Star Gold, ATN Star Vijay and ATN Vijay Super — in Canada. Calling it “a significant milestone in media partnerships”, ATN says “This strategic move has already yielded promising results, evident in a notable increase in advertising and subscription revenue since October 01, 2023.”
