Alibaba Pictures, the separately listed entertainment arm of Chinese e-commerce giant Alibaba, warned that its losses will be at least $155 million in the year to March recently completed. It blame…
outbreak and “complicated difficulties” within the mainland Chinese entertainment industry in 2019.
The statement describes in some detail the impact of the coronavirus on the film industry in China, where cinemas have been closed since late January. But it makes no explanation of the “complicated difficulties” before the virus outbreak. In October last year, Alibaba Pictures issued another profit warning. At that time it referred to underperforming assets and currency losses.
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