CEO Morning Brief

Media Prima Posts RM14 Mil Net Profit in 1Q

Publish date: Thu, 30 Nov 2023, 08:43 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 29): Media Prima Bhd posted a net profit of RM14.06 million on the back of revenue of RM213.92 million for the first quarter ended Sept 30, 2023.

In August 2022, Media Prima’s financial year end was changed from Dec 31 to June 30.

In a bourse filing on Wednesday, the media group said revenue for the current quarter is 4% lower than the RM223.0 million it recorded in the immediate preceding quarter.

It said advertising revenue in the current quarter remained fairly on par against the immediate preceding quarter, while non-advertising revenue saw a reduction against the immediate preceding quarter.

The group said its profitability nevertheless improved in the current quarter partly due to higher other operating income.

This led to a 40% quarter-on-quarter (q-o-q) increase in profit before tax and a 73% q-o-q rise in profit after tax, it said.

On its prospects. Media Prima said it expects challenges as economic uncertainties continue to have an impact on advertising expenditure and consumer sentiment.

“Nonetheless, we are confident that our strong brands, extensive reach, and innovative content will continue to resonate with our loyal audiences and advertisers.

“We shall continue to focus on executing our three-year business plan and monitor operational efficiency amid the challenging outlook,” it said.

At the midday break, Media Prima was flat at 41.5 sen with 11,200 shares traded.

Source: TheEdge - 30 Nov 2023

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