Media Prima records RM21.8m net loss for 1Q18

By TMR

Media Prima Bhd net loss for its first quarter (1Q) ended March 31, 2018, has narrowed to RM21.83 million versus the previous year corresponding quarter’s net loss of RM38.47 million.

In an exchange filing yesterday, the media group noted the net loss for the period was on the back of traditional advertising revenue’s declining trend which offset the revenue growth for digital advertising, content and commerce.

The company registered a revenue of RM280.67 million, which increased by 3% year-on-year for the quarter. Media Prima said it will continue its transformation journey by leveraging on extensive reach through its strong brands on digital and non-digital platforms.

The structural shift in the sector is forecasted to continue affecting traditional media companies.

Due to this, the company plans to defend traditional revenue sources while growing new revenue streams to mitigate losses, such as broadcast, over-the-top content and digital publishing.