NOVA Group posts losses in FY 2020/21

­Hong Kong, 28th September: Recently, Hong Kong-based exhibition and event organiser NOVA Group (formerly known as Mega Expo) announced its financial results for the year ended 30th June 2021. The company reported total revenues of US$29 million, a decrease of 58% compared with last year. The company also posted a loss of US$702,000 during the year, compared to a net profit of US$18 million in the previous year.

More than 76% of its total revenues were generated from its cultural & entertainment segment, amounting to US$23 million and representing a year-on-year decrease of 61%. The financing segment generated revenues of US$6.8 million, accounting for 23% of total revenues. This business segment dropped 9.0% from the previous year. The remaining revenues were generated from its exhibition & events segment (US$16,000), with a reported decrease of more than 99% year-on-year.