PETALING JAYA: Star Media Group Bhd saw a net loss of RM1.48 million for the second quarter ended June 30, 2017 compared with a net profit of RM34.56 million in the previous corresponding period, due to lower profit from print and digital segment.
The net loss was also due to the reclassification of the related assets and liabilities for Cityneon Group as held for sale during the current quarter.
Recall that Star Media had in May announced the disposal of a 52.51% stake in Cityneon Holdings Ltd for S$115.61 million (RM360.18 million).
The group’s net profit attributable to ordinary equity holders of the parent, however, stood at RM8.51 million, 80.5% lower than the RM43.68 million it made in the same quarter last year.
Its second quarter revenue fell 21.8% from RM165.54 million to RM129.38 million.
Star Media said in a filing with the stock exchange that its media related segments will continue to enhance its respective media platforms to extend their reach to wider audiences by continuing to provide more bundled products and creative buys to advertisers as well as organising client driven events.
The group said it will continue to focus and strengthen its key strategies in the media industry.
“We will continue to defend the print segment whilst building on our other media platforms and also continue our prudent cost management,” it noted.
For the first half of the year, Star Media’s net profit slumped 96.4% from RM50.28 million to RM1.83 million, while net profit attributable to ordinary equity holders of the parent was down by 74.4% from RM59.17 million to RM15.16 million.
Six-month revenue declined 19.5% from RM323.44 million to RM260.51 million.
Star Media’s share price rose four sen to close at RM2.38 today on some 273,900 shares done, giving it a market capitalisation of RM1.76 billion.
Source: The Sun Daily