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November 26, 2009 20:44 PM

Media Prima Q3 Pre-Tax Profit Rises To RM49.6 Million

KUALA LUMPUR, Nov 26 (Bernama) -- Media Prima Bhd's pre-tax profit for the third quarter ended Sept 30, 2009 rose to RM49.6 million from RM47.2 million in the same quarter last year.

Revenue edged up to RM206.352 million from RM214.237 million previously.

Its chairman, Datuk Johan Jaaffar, said the upturn in the economic environment, coupled with the tremendous internal efforts, had improved the performance across the group's major platforms of television, radio and outdoor.

"At the same time, the company has been able to maintain its strict financial disipline, which resulted in only minimal increase in our operational costs," he said in a statement.

Johan said TV3, 8TV, ntv7 and TV9 had maintained their dominance in Malaysian television viewing, with a combined audience share of 51 per cent while the flagship station, TV3, kept a tight grip on its leadership position with an audience share of 30 per cent despite intense competition from both free-to-air and pay channels.

Meanwhile, managing director, Datuk Amrin Awaluddin, said the group was well-placed to take advantage of the recovery in the economy.

"Our existing businesses are the market leaders in the platforms they compete in, which was achieved by continuous investment in high-quality content and distinct branding of each of our media assets and products," he said.

Amrin said the divestment of the entire equity stake in Primedia Inc would no longer expose the group to any future operational losses from its Philippines venture, which recorded operational loss after minority interest of RM13.7 million in the third quarter.

He said the acquisition of Kurnia Outdoor in the fourth quarter of this year would expand the group's revenue base.

In a separate statement, Media Prima, which is making a conditional takeover of New Straits Times Press (M) Bhd (NSTP), said the group has to date received acceptance of more than 19.7 million shares, or 9.1 per cent, of the paid-up capital of NSTP.

With this, Media Prima holds more than 51 per cent of the voting shares of NSTP, it said.

"This has given us an added incentive to ensure that the value of our investment in NSTP is unlocked and its true potential realised.

"We hope the remaining shareholders of NSTP will accept our revised offer and be part of our journey," he said.

The revised offer document dated Nov 24, 2009 was issued to NSTP shareholders on the same day.

Unless extended, Media Prima's takeover offer will expire at 5pm on Dec 17, 2009.

Under the takeover offer, NSTP shareholders would get 1.2 Media Prima shares for every NSTP share held and one free MPB warrant for every five NSTP shares accepted.

-- BERNAMA

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