SMG continues profit trend, supported by revenue growth

PETALING JAYA: Star Media Group Bhd (SMG) posted a 16% rise in revenue in the third quarter of financial year 2022 (3Q22) from 3Q21 mainly contributed by the revenue focused initiatives undertaken by the management, which has led to the continuous improvement in its financial performance.

In a filing with Bursa Malaysia, SMG said pre-tax profit for 3Q22 was Rm1.9mil compared with a pre-tax loss of Rm54.7mil in 3Q21.

For its print and digital operations in 3Q22, SMG said revenue increased by 12% against 3Q21 as operational enhancement has led to an improvement in advertising bookings.

The segment posted a pre-tax profit of Rm0.4mil in 3Q22 compared with a pretax loss of Rm54.8mil in 3Q21.

Its radio broadcasting business generated a higher revenue by 40% amounting to Rm7.8mil in 3Q22 as compared with Rm5.6mil in 3Q21. The radio segment posted a pre-tax profit of Rm1.2mil in 3Q22 which was driven by higher contribution from commercial airtime revenue.

On the group’s prospects moving forward, SMG said that the group will continue its efforts in retaining and sustaining its investments in its digital transformation initiatives and strategies with various digitally driven product such as The Star Online, mstar and the newly launched BM news portal, Majoriti and Majoriti 7, which aims to further strengthen its market share in the Malay community.