Media Prima posts RM101mil loss

PETALING JAYA: Media Prima Bhd has made a loss of RM101mil in the third quarter ended Sept 30 as revenue dropped to RM288.5mil amid a declining trend of core advertising revenue.

Media Prima said revenue from its television and print segments fell by about a quarter, while the loss was worsened by an early retirement scheme payment of RM52.3mil.

Group managing director Datuk Kamal Khalid has been implementing Media Prima’s new business initiatives and venturing into new markets abroad as part of its transformation programme.

“Among the new ventures that have been very successful is home shopping,” he said in a statement yesterday.

Launched in April 2016, CJ Wow Shop contributed RM92.9mil in revenue during the first nine months of the year.

“The group plans to increase CJ Wow Shop’s exposure to further tap the nation’s growing home shopping/e-commerce markets,” Kamal said.