Imagi loses half a billion in six months
Imagi, the Hong Kong-based animation company which last year delivered Astro Boy film (pictured), lost more than half a billion HK dollars in the six months to September.
The period was marked by the closure of its US operations, the slashing of its remaining Hong Kong operations and a massive overhaul of the company’s finances.
In its business review, the company’s new management said that it is pressing ahead with production of features Gatchaman and Cat Tale and that its iDream subsidiary expects to secure work on a 70 minute animated TV show.
More strategically, management says that Imagi “needs to rapidly undergo vast expansion in order to regain critical mass and capture the market leadership status”. It also said that it will not take on any more large-scale pictures without a strong strategic partner.