Singapore-listed production house G.H.Y Culture & Media is putting a brave face on its latest performance, telling investors on Friday evening that while recent results “have been challenging, they do not define our future”.

The company’s 2024 losses soared to RMB144.3 million/US$19.8 million from RMB51.7 million/US$7 million the previous year.

Excluding the one-time loss of about RMB86.1 million/US$11.8 million from a disastrous soccer tournament, the group would have recognised a loss of RMB58.2 million/US$8 million in 2024.

Guo Jingyu (郭靖宇), executive chairman and group CEO, told investors that the company had “faced difficulties before, and each time, we have persevered through teamwork, resilience, and an unwavering commitment to our vision”.

The Group posted revenue growth of 8% to approximately RMB417.6 million/US$57 million in FY2024.

TV programme and film production contributed approximately RMB292.5 million.

This was mostly driven by drama series “Strange Tales of Tang Dynasty 3: To the West” (唐朝诡事录之长安), “Contenders" (狮城山海), "Identification" (鉴定), and “Strange Tales Jiang Cheng” (江城诡事原无冤行者). Online short drama series contributors were “Miss Tanya” (天涯小娘惹) and “Your Majesty, someone has placed an order!” (王妃娘娘，有人下单啦!).

The concert production business recognised revenue of RMB116.5 million/US$16 million in 2024 (2023: RMB178.3 million/US$24.5 million), mainly due to smaller-scale concert productions in 2024.

“Our foundations remain solid, and we are taking decisive steps to implement our strategic priorities, improve our efficiencies, and position ourselves for long-term success within Asia’s media and entertainment industry,” Guo said.