China's Alibaba Pictures Posts $57 Million Loss, Finds No Irregularities in Accounts
The recently acquired film and TV unit of e-commerce giant Alibaba had said in August that there were possible financial discrepancies dating back to when it was known as ChinaVision
Alibaba Pictures, the film and TV unit of the e-commerce giant Alibaba, posted a $57.2 million loss in the first six months of the year but said that an investigation by auditors into its accounts had not revealed any irregularities.
In a filing to the Hong Kong stock exchange, Alibaba Pictures said the loss compared with a profit of $17.18 million in the same period a year earlier.
Alibaba bought a 60 percent stake in Alibaba Pictures, then then known as ChinaVision, for $780 million back in March, but in August, the company said the new management had discovered possible financial breaches dating back to before the purchase.
First-half revenue fell 76 percent because of delays relating to a number of film and TV projects.