ASTRO MALAYSIA FY2023 NET PROFIT FALLS TO RM259 MLN

KUALA LUMPUR, March 27 (Bernama) -- Astro Malaysia Holdings Bhd’s net profit for the financial year ended Jan 31, 2023 fell to RM259.04 million from RM460.88 million registered in the previous year after it recorded lower earnings in the fourth quarter.

Revenue for the year under review declined to RM3.80 billion from RM4.18 billion.

For the fourth quarter ended Jan 31, 2023, its net profit was down to RM54.75 million from RM126.59 million recorded previously, while revenue for the period slipped  3.9 per cent to RM990.67 million from RM1.03 billion a year before.

“Decline in the revenue for the quarter was mainly (due to) the decrease in subscription and advertising revenues and merchandise sales, which were offset by an increase in sales of programming rights,” Astro said in a filing to Bursa Malaysia today.

In a separate statement, Astro group chief executive officer Euan Smith said Astro’s transformation plans have continued apace this year as the group continues to put in place the structures and architecture that will define the Astro of the future.

“We are starting to see the benefits from the investments in content, product, connectivity, advertising, and customer service, moving the company aggressively into the new streaming, on-demand era,” he said.

Smith added that customers are streaming more than ever on the Ultra and Ulti boxes, as well as on Astro GO, with its on-demand shows streamed rising 25 per cent year-on-year to 660 million.

Its total advertising expenditure (adex) rose 14 per cent quarter-on-quarter to RM126 million, with year-end festivities and the FIFA World Cup Qatar 2022 driving strong performance across all TV, radio and digital platforms.

Radio, TV, and digital adex stood at 73 per cent, 34 per cent, and 2 per cent, respectively.

-- BERNAMA