Earnings turned back to black in 4Q18. Star Media Group Bhd’s (Star) 4QFY18 normalised profit came in at RM6.8m as compared to a normalised loss of –RM99.4m as at 4QFY17. Even though revenue dropped by -18.6%yoy to RM93.0m, major business segments have managed to record higher-than-expected PBT due to cost-cutting measures done previously.
Exceed expectations. FY18 normalised earnings improved by +123.8%yoy to RM22.2m as a result of better cost rationalisation following the MSS/ERO in 4QFY17 and lower depreciation expenses from the Print segment. The improvement in the group’s FY18 financial performance was at a relatively faster pace with ours and consensus expectations, accounting for 126.0% and 138.4% of full year FY18 earnings estimates.
Source: MIDF Research - 27 Feb 2019
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