TDM profit down on higher operational costs

Public radio and TV broadcaster TDM – Teledifusão de Macau SA posted a sharp drop in profits last year. The company recorded profits of MOP1.03 million (US$129,000) for 2012, down from MOP28.51 million in the previous year, according to its annual report, made public today. The drop was related to higher operational costs, which climbed by 26.2 percent year-on-year in 2012, to MOP275.21 million. TDM said the increase was due to higher human resources and production costs, as well as the launch of a new news channel in September 2012. TDM received MOP202.01 million in subsidies from the government last year, up from MOP183.45 million received the year before. The Macau government directly owns 99.8 percent of TDM. The company employed 623 people as of December-end.