Malaysia’s leading fully-integrated media group, Media Prima Berhad, has seen its second quarter revenue grown by 21% as momentum in core advertising revenue has taken off after a slow start in the early part of this year.
However, the Group incurred a Loss After Tax (LAT) of RM138.4 million for the quarter due to the one-off impairment of investment in MNI of RM142.4 million.
According to a statement, the exclusion of the one-off impairment would have seen the Group posting a Profit After Tax (PAT) of RM4.0 million for the same quarter instead.
Revenue for the financial period ended 30 June 2017 declined by 8% against the previous corresponding financial period. The Group recorded revenue of RM 601 million for the six-month period of 2017. This was primarily attributed to changes in consumer behaviour and digital disruptions that have impacted the media industry as a whole.
While the Group has ventured into new digital and consumer-based business initiatives to complement its traditional media segments, they remain in a period of gestation, added the statement.
Tan Sri Dato’ Sri Ismee Ismail, Chairman of Media Prima, said, “Media Prima is committed to delivering value to our shareholders by capitalising on the increasing demand for e-commerce and digital content among consumers. The Group had initiated key initiatives in 2016 to enable new revenue streams while we consolidate our market share in the core advertising revenue. Amongst this, the Group had also concluded the acquisition of REV Asia Holdings Sdn Bhd in August 2017 which will significantly strengthen Media Prima’s digital reach to derive revenue from the growth in digital advertising”.
The statement also cited Media Prima’s Home Shopping venture as a significant contributor to the Groups quarterly revenue, amongst its other offerings.