LeTV H1 net loss of 637 million yuan

Updated 2017-08-29 17:00:19 Global Times

LeTV, a Chinese technology company, reported total revenue of 5.58 billion yuan (2.7 million), a decline of 44.56 percent year-on-year, for the first half of 2017, according to a semiannual performance report released by the company on Monday.

Besides, the company reported a net loss of 636.8 million yuan.

LeTV is focused on smart device sales, advertising, membership and distribution business and its revenue is closely connected to the Internet market and user stickiness. Negative media coverage related to a financial turmoil caused by internal transactions within the group damaged the brand's reputation, which had a negative effect on the membership, according to LeTV. Revenues from advertising and device sales also declined, LeTV elaborated.

In the second quarter, LeTV didn't conduct external copyright distribution business, which also contributed to the loss. In the first half year, the loss in asset value amounted to about 240 million yuan, according to LeTV.

As to the issue of internal transactions among companies within the group, which has raised concerns, the semiannual report shows the company's accounts receivable amounted to 9.54 billion yuan, accounting for 26.70 percent of its total assets. The total revenue receivable ratio was 51.85 percent, increasing by 1.44 billion yuan over 2016, LeTV noted. Currently, some internal transactions are still being conducted.

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