Prime Media expands net loss by 171%

PRIME Media Holdings Inc. widened its net loss by 171 percent in

as revenues were offset by higher expenses during the period.

- dia said net loss in months January to September stood at P52.13 million, an increase of P32.86 million from the P19.27 million registered in the same period last year.

The company booked a P1.12million revenue in the same period, higher by P740,000 from the P386,000 year-on-year.

Meanwhile, expenses totaled to P53.26 million or 171-percent higher than the P19.7-million in the same comparable period.

Prime Media said higher expenses were attributable to the increase in professional fees, outside services fees, real property taxes, as well as leasing rates, among others.

For the third quarter alone, Prime Media incurred a 717.8-percent increase in net loss at P49.31 million from the P6.03 million registered in the third quarter of 2017, also weighed by higher expenditures.

The company said revenue during the period was higher at P530,000 versus the P290,000 year-on-year but expenses climbed by 695 percent to P49.83 million from the P43.56 million during the third quarter in 2017.

Prime Media was incorporated in 1963 as a banking company before switching to being a holding

in the media industry.