ATN says OTT, online options, to blame for 70% drop in 2016 profits

TORONTO - Asian Television Network (ATN) reported a net income of $58,524 on revenues of $5.81 million for the fourth quarter ended December 31, 2016.Operating revenue fell 15% year-over-year, while net profits plunged 122% over the same period in 2015, which the broadcaster attributed to declining subscription revenues and advertising revenues. EBITDA for the quarter was $402,166, down 58% from $963,003 year-over-year.Broken down by segment, ATN's subscription revenues for the period dropped 17% to $4.10 million; advertising revenue fell 14% to $1.46 million; and programming revenue climbed 22% to $231,653.For the 12 month period, the South Asian broadcaster posted a net...