Posted on by Vishnu Devarajan
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Star Media Group posts small net loss
29 May
Star Media Group Bhd (SMG) registered a net loss of RM193,000 for the first quarter ended March 31, 2024 (1QFY2024) versus a net profit of RM1.14 million a year earlier.
SMG said its print, digital and events segment recorded a decline of 1% in revenue in 1Q24 to RM42.8mil compared with RM43.4mil in 1Q23 due to weaker market sentiment.
Its radio broadcasting arm generated a lower revenue of 4% to RM7.3mil in 1Q24 compared with RM7.6mil in 1Q23 due to a drop in revenues from commercial airtime.
SMG’s property development and investment segment generated revenue of RM4.9mil in 1Q24 compared with RM1.3mil in 1Q23. This is mainly attributed to the sale of the Star Business Hub project and higher occupancy rates of investment properties.
SMG posts 3% rise in revenue for 1Q24
Revenue for 1Q24 rose 3% to RM53.3mil from 1Q23 but higher operating costs saw the group post a small pre-tax loss of RM0.2mil compared with a pre-tax profit of RM1.1mil in 1Q23.
SMG says it is optimistic its property development and investment segment would compensate for the challenging outlook in advertising expenditure (adex).
Star Media Group, which publishes The Star newspaper, has also announced the appointment of Tan Sri Wong Foon Meng as its new independent and non-executive chairman, together with Tan Sri Johan Jaaffar as independent and non-executive director, and Datuk Lim Cheng Ling as non-independent and non-executive director.
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