CEO Morning Brief

Media Chinese Expects to Report Up to US$13 Mil Net Loss for FY2024 Amid Lower Publishing Revenue

Publish date: Tue, 21 May 2024, 10:38 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 20): Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier.

The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year, said the country’s largest Chinese-language media group in a filing on Monday.

It is also due to write-off and provisions for impairment losses of not less than US$6 million (RM28.11 million) on the group’s property, plant and equipment as well as intangible assets for FY2024, said Media Chinese.

The group also cited lower government grants and subsidies of about US$2 million (RM9.37 million) compared with FY2023 for the bigger loss.

Media Chinese, which is controlled by Sarawak timber tycoon Tan Sri Tiong Hiew King, said the estimated loss is based on a preliminary assessment of its unaudited consolidated management accounts currently only available to the board.

“Such information has not been reviewed or audited by the company’s auditor or by the audit committee of the company, and may be subject to further adjustments,” it added.

Media Chinese, which is listed on Bursa Malaysia and Hong Kong Stock Exchange, has been loss-making for four consecutive quarters.

For 3QFY2024, the group reported a net loss of RM5.1 million against a net profit of RM3.83 million a year earlier on weaker currency and lower revenue from the publishing and printing segment. Quarterly revenue, however, rose 5.04% to RM166.91 million from RM158.9 million on increased turnover for its travel segment.

Shares in Media Chinese finished unchanged at 12.5 sen on Monday, valuing the group at RM210.9 million.

Source: TheEdge - 21 May 2024

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