Cable TV
HK’s i-Cable to distribute TV channel in Chinese city
MUMBAI: Hong Kong’s local cable television operator i-Cable Communications Ltd (ICAB) has signed an agreement with neighbouring city Shenzhen’s Shenzhen TV allowing it to broadcast one of its channels there. ICAB’s Horizon channel will be carried on Shenzhen Television Station’s network.
In turn, as the deal suggests, i-Cable will carry Shenzhen TV’s satellite channel on its own platform, Hong Kong Cable Television. This is part of ICAB’s expansion plans in mainland China’s television market.
Though Hong Kong TV channels are widely distributed in neighboring Guangdong province, where Shenzhen is located, that doesn’t bring in much revenue as local stations often just take the channels off satellites and put in their own advertising.
Now this landing-rights arrangement will allow i-Cable to sell advertising for a much broader base of viewers. Press reports suggest Shenzhen TV has about 800,000 viewers in the city. By contrast, i-Cable, the media arm of local blue-chip conglomerate Wharf (Holdings) Ltd. (0004.HK), has just over 650,000 paying subscribers in Hong Kong.
MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
