Media Prima posts results that reflect adverse market conditions, ongoing industry evolution
The results were supported by an 11 per cent year-over-year growth in non-advertising revenue, which enabled the group to balance the impact of adverse market conditions on advertising revenue.
Culmulatively, Media Prima's revenue in the first nine months stood at RM634.5 million, with a net profit of RM6.9 million.
The performance was achieved amid challenging market conditions and ongoing industry evolution throughout the period, the company said.
The results also reflect the group's efforts in managing its diverse portfolio which include broadcasting, publishing, digital media, out-of-home, home shopping and Omnia, an integrated media solutions and creative services provider.
Media platforms that recorded encouraging performance include home shopping and audio under the broadcasting segment.
Group chairman Datuk Seri Dr Syed Hussian Aljunid said the results reflect the ongoing dynamic nature of the media industry and broader economic conditions.
He said the group remains steadfast in executing its three-year strategic roadmap, which emphasises enhancing content quality, premiumising inventory and diligently identifying new revenue opportunities.
"These initiatives are crucial for building resilience and establishing a solid foundation for sustainable growth.
"Our commitment to improving operational effectiveness across all segments is unwavering as we navigate current market challenges," he said.
Group managing director Rafiq Razali said Media Prima is navigating a complex market which includes significant shifts in advertising and consumer behaviour.
He said the home shopping segment's quarterly performance is encouraging.
"While certain segments faced headwinds, particularly in advertising revenue, our focus remains on prudent cost management and the strategic execution of our business plan.
"We are continuously working to enhance our operational effectiveness while relying on data insights to understand audience preference and market trends to deliver value," he said.
Rafiq added that Media Prima will maintain a prudent perspective for the rest of the financial year, anticipating continued pressure on advertising expenditure due to economic uncertainties and the evolving media landscape.
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