By NUR HAZIQAH A MALEK / Pic By BLOOMBERG

STAR Media Group Bhd posted a net profit of RM250,000, a 84% year-on-year (YoY) drop for the third quarter ended Sept 30, 2019 (3Q19), compared to RM1.6 million recorded in the same period last year.

Its earnings per share (EPS) was four sen compared to 21 sen recorded in the corresponding quarter of 2018.

Revenues at one of the country’s largest media companies and linked to a political party, decreased by 12.66% to RM79.58 million compared to RM91.12 million registered a year ago.

Like other media companies, revenues at Star Media had been thinning. Revenues for print business have been thinning as most advertisers move their advertising spend to digital platforms like Google and Facebook, leaving local newspapers in a perilous cliff.

Utusan Melayu (M) Bhd shuttered in October and the company is now undergoing liquidation. Media Prima Bhd posted a nine-month net loss of RM73.4 million this year, while Berjaya Media Bhd has been suspended at the last trading price of 10.5 sen.

For the nine-month period, Star Media’s net profit dropped to RM5.45 million or 61.97% lower compared to RM14.33 million recorded during the same period last year.

The company’s revenue dropped to RM239.87 million compared to RM299.64 million during the January-September 2018 period.

Moving forward, the group expects revenue growth from its digital segment for the rest of the year despite challenging market conditions. The company also plans to focus on using new technologies and analytics to improve and work around how its customers consume content.

The media company also plans to explore ways to diversify and enhance dim sum’s revenue stream, a video-on-demand service with simulcast and exclusive premiers.

It also expects its radio segment to perform satisfactorily despite the slowing economy.