Media Prima posts RM7.6m net profit

by ANIS HAZIM / pic by TMR FILE

MEDIA Prima Bhd’s net profit for the third quarter ended Sept 30, 2021 (3Q21), fell to RM7.63 million from RM12.43 million in 3Q20 on lower revenue from its home shopping segment that was partially offset by growth in content sales. 

The media group’s revenue for the quarter slipped to RM257.3 million versus RM268.77 million in 3Q20. 

Earnings per share for the quarter was 0.69 sen and the company has not declared an interim dividend for the current quarter. 

In its exchange filing yesterday, Media Prima stated that its sales arm Omnia recorded an increase in revenue of 35% against the comparative quarter driven by higher advertising revenue. 

For the year-to-date period, Media Prima posted a profit of RM26.29 million compared to a net loss of RM37.22 million last year it suffered in the cumulative nine months of 2020 (9M20). 

Revenue for 9M21 grew by 8% to RM804.29 million from RM743.48 million in 9M20 which was driven by higher advertising revenue during the current financial period via Omnia. 

Media Prima stated that it expects an improvement in advertising spending towards the year-end as the country moves to Phase 4 of the National Recovery Plan. 

“Responding to this, Omnia will continue to provide innovative and integrated media solutions for advertisers by leveraging the group’s wide-reaching media platforms and popular brands as part of its media solutions to advertisers,” it said. 

Media Prima also intends to expand its content reach and availability given the growth in streaming and increased presence of over-the-top digital media platforms, in line with the evolving media consumption trends in Malaysia. 

“While the group remains upbeat on its prospects moving into 4Q21, cost and operating efficiency remain a key area that shall continually be monitored and assessed,” it added. 

Media Prima’s shares fell half a sen to 49.5 sen in trade yesterday, valuing the group at RM543.77 million.