China’s Alibaba Pictures Issues Profit Warning With Potential $156M+ Loss Amid Coronavirus
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deadline.comBy Nancy Tartaglione International Box Office Editor/Senior Contributor Alibaba Pictures, the entertainment arm of Chinese e-commerce giant Alibaba Group, has issued a profit warning, saying it expects losses for the financial year ended March 31, 2020 to range from RMB 1.1B-1.2B ($156M-$170M).
That would be an increase of over 330% as compared to the previous year. The company cited “complicated difficulties in pursuing profitable operation faced by the entertainment industry in mainland China since 2019” and a “significant decrease” in the group’s fourth quarter revenue as a result of the outbreak of the coronavirus.
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