MEDIA PRIMA RETURNS TO BLACK IN Q3 WITH RM12.43 MLN NET PROFIT
KUALA LUMPUR, Nov 18 -- Media Prima Bhd, Malaysia's leading fully-integrated media group, has returned to the black with a net profit of RM12.43 million in the third quarter ended Sept 30, 2020 (Q3 2020) compared with a net loss of RM24.16 million in the previous corresponding period.
Revenue increased to RM268.76 million from RM265.54 million recorded in Q3 2019, it said in a filing with Bursa Malaysia today.
Media Prima said the group’s revenue recorded a marginal growth following the gradual resumption of economic activities in Malaysia after the relaxation of the Movement Control Order.
The group posted a profit after tax of RM11.78 million in Q3 2020 against a loss after tax of RM25.56 million in Q3 2019 on improved revenue and lower operating expenses of RM224.9 million against RM239.9 million in Q3 2019.
“The group’s profit after tax also included waivers on lease payments and rebates on licence fee amounting to RM9.7 million,” it said, adding the digital media segment and home shopping with higher viewership contributed to the higher revenue.
On outlook, the group remains committed to executing its strategies of offering integrated advertising solutions as it has seen increased demand in digital advertising and advertiser content.
“The strong performance from our commerce business has provided us with opportunities to further improve the home shopping experience through signature programmes and enhanced e-commerce and mobile commerce platforms,” it said.
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