Media Prima narrows loss in third quarter

PETALING JAYA: Media Prima Bhd’s net loss narrowed to RM30.7 million in the third quarter ended Sept 30, from RM101.09 million in the previous corresponding quarter.

The group told the stock exchange that the lower losses during the period was attributed to the one-off impairment of investment in an associate and payment of early retirement scheme in August last year.

Revenue for the quarter declined 5.8% to RM271.8 million, compared with RM288.5 million in the same period last year.

For the nine months period, its net loss shrunk to RM20.58 million, against RM272.5 million a year ago, while revenue slightly up by 0.6% to RM894.8 million, from RM889.5 million previously due to better contribution from digital advertising, content and commerce revenue.

On its prospects, the group said that it will continue with its transformation journey and increase efforts to accelerate revenue generating initiatives by maximising available assets and leveraging on extensive reach via its strong brands on digital and non-digital platforms.

It said the foundation for these efforts are placed on several key areas which include market leadership in broadcast, digital publishing and growing commerce revenue through integrated media.

“Concurrently, continuous cost management will still be priorities whilst exercising prudent financial and risk management,” it added.