Me­dia Prima posts RM101mil loss

The Star Malaysia - StarBiz - - News -

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.

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