China's Huayi Brothers forecasts loss of up to 13.7 mln USD in Q1

SHENZHEN -- Huayi Brothers Media Corp., a leading Chinese film studio, said it expected to report a loss of 86.7 million yuan to 91.7 million yuan (13.7 million U.S. dollars) for the first quarter of 2019.

In a filing to the Shenzhen Stock Exchange, Huayi said the loss came as two films missed box office expectations and it invested in a number of films and TV series during the period.

Huayi earlier said in its preliminary earnings estimate that it reversed to a loss of 985.6 million yuan in 2018 from a net profit of 828.3 million yuan in 2017.

Shares of Huayi closed 4.13 percent lower at 5.80 yuan Wednesday in Shenzhen.