Media Prima Q1 profit down to RM28.9m
KUALA LUMPUR, May 16 – Media Prima Bhd’s pre-tax profit for its first fiscal quarter ended March 31, 2012, dropped to RM28.922 million from RM47.561 million recorded in the corresponding quarter last year.
Revenue for the three-month period was also down to RM335.284 million from RM354.189 million previously.
In a filing to Bursa Malaysia today, the media conglomerate said the group experienced a 5.3 per cent revenue contraction against the corresponding quarter last year primarily due to advertisers’ lower spending amid the volatile global economic conditions.
Nevertheless, the group’s profit performance was significantly driven by its core platforms namely its television network, print media, outdoor media and radio network, it said.
It also said that while advertisement expenditure slowed down in the first quarter, the group remained cautiously optimistic about an improved outlook for both consumers and advertisers.
“Media Prima expects advertisement revenue to improve in the coming months on the expectation of a general election, a resilient Malaysian economy and two mega sporting events namely UEFA Euro 2012 and the 2012 London Olympics.” – Bernama