Harvest turns golden in 2008

Group makes profit after poor financial 2007

HONG KONG -- Golden Harvest Group saw golden results for the past financial year, moving from a loss in 2007 to a HK$7 million ($900,000) profit thanks to growing film exhibition and distribution operations, the group announced Thursday.

Group chairman Wu Kebo called the results "the best year on record" for the group, which is now expanding its exhibition business in China, with multiplexes planned or in construction in Beijing, Wuxi, Suzhou and Hangzhou.

Exhibition accounted for 87% of the group's total revenue, whereas distribution of Chinese-language films and Hollywood exports including "Journey to the Center of the Earth" earned the group a 13% market share in the region.

In the past year, Golden Harvest cinemas in Hong Kong, China, Taiwan and Singapore have recorded 19.2 million admissions, amounting to $119.2 million in boxoffice grosses.