Friday, November 18, 2011

Media Prima 3Q net profit dips 25.7% to RM53.37m

KUALA LUMPUR (Nov 18): MEDIA PRIMA BHD [] net profit for the third quarter ended Sept 30, 2011 fell 25.74% to RM53.37 million from RM71.87 million a year earlier, due mainly to non-recurring negative goodwill of RM35.77 million in 2010 arising from the acquisition of the equity interest in NSTP.

The company said that its revenue for the quarter rose marginally to RM417.47 million from RM416.75 million in 2010.

Earnings per share fell to 5.08 sen from 7.29 sen, while net assets per share was RM1.285.

The company declared a second interim single-tier dividend of three sen per share for the financial year ended Dec 31, 2011 and a special single-tier dividend of five sen per share.

For the nine months ended Sept 30, Media Prima's net profit fell to RM132.6 million from RM154.09 million, on the back of revenue RM1.19 billion.

Media Prima said excluding the non-recurring negative goodwill in 2010 arising from the acquisition of the equity interest in NSTP, the group's profit after tax and non-controlling interests from continuing operations grew by 31.6% to RM132.7 million compared to RM100.8 million in the same period last year.

Profit after tax and non-controlling Interests decreased by 14% for the period ended Sept 30, 2011 compared to the same period last year if the non-recurring RM53.3 million negative goodwill was included, it said.

Reviewing its performance, Media Prima said it registered minimal growth in revenue compared to second quarter of 2011 which included non-recurring revenues from Sarawak State Election operations.

The global economic slowdown which impacted market's confidence since August 2011 had resulted in the slowing down of advertisement spending, it said.

The Group's results and revenue activities were significantly driven by its core platforms of television network, print media, outdoor media and radio network.

On its prospects, Media Prima said it was committed to maintaining its industry leadership position and its earnings through continued investment in quality and relevant content and branding for its targeted market.

Concurrently, the group will continue to exercise prudent financial and risk management and is optimising its cost management for better leverage on its operating efficiency, it said.

The group, however, said it was cognisant of the challenges faced by the industry at large and by its respective platforms and said it had strategies for each of its division.

'Barring any unforeseen circumstances, the board remains optimistic that the group is on track to achieve its 2011 target,' it said.


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