I-Cable (1097) saw losses expand to HK$313 million last year as subscription revenue shrank.
Revenue from television was down 8 percent to HK$1.043 million. Net debt also soared from HK$218 million to HK$484 million. No dividend was declared.
I-Cable blamed weak advertising revenue and cable-TV rivals, including LeEco and Netflix, as well as TVB.
The firm has launched its HD/OTT service FANhub, causing capex to rise.
I-Cable said "initiatives to contain costs have been more effective than those to improve revenues" but it would continue to invest on operations.
Free-to-air affiliate Fantastic TV will launch a Cantonese channel in May.
Parent company Wharf (0004) has been trying to sell the company.
Meanwhile, TVB (0511) also saw a potential bidder delay declaring an offer price for the TV station.
Zhou Yiqiang, founder of Top Legend Group, told the media he is postponing the acquisition bid to next week and has already informed the Securities and Futures Commission.
TGL plans to give out details of its proposed bid on TVB's 29.9 percent shares this week.