Petaling Jaya, Malaysia - Media Prima Berhad announced a strong first-quarter, posting a 100% surge in profit after taxes from the same period last year, buoyed by the economic upswing and a spate of recent acquisitions.
The media investment group posted RM 45.6 million in profit after tax and and minority interest (PATAMI) inclusive of extraordinary items (EI) for the first quarter ended 31 March. In the same period last year, Media Prima reported a loss of RM 23.23 million.
In a press statement, Media Prima said the results posted reflect renewed confidence among retailers and the business community as well as the consolidation of The New Straits Times Press (Malaysia) Berhad’s (NSTP) financial results; coupled with the recent acquisitions of Kurnia Outdoor and Jupiter Outdoor Network (collectively known as Kurnia).
“Media Prima’s strong first quarter result is testimony to the relentless efforts to sustain strong revenue and earnings growth. It is a good start to the year and we are very upbeat about the strong performance of all of our media assets. The Group has also benefited from the implementation of stringent cost controls,” said Chairman of Media Prima, Datuk Johan Jaaffar.
The Group also saw its revenue grow beyond 100 percent to RM 323.7 million in Q1 2010 against the RM 141.18 million achieved in the corresponding period in 2009, reflecting strong contributions from the consolidated results of all its television, radio, outdoor media and print media assets. The extraordinary growth in net revenue is largely due to the acquisition of NSTP, the company noted.
Media Prima’s recently acquired NSTP registered net revenue of RM 144.9 million for Q1 2010, an increase of 10% from RM 131.7 million recorded in the corresponding quarter in 2009.
Excluding exceptional items of RM 17.5 million arising from negative goodwill as a result of the acquisition of NSTP, Media Prima’s PATAMI from continuing operations grew beyond 100% to RM 28.04 million, from a loss of RM 9.93 million in the corresponding period in 2009.
The sharp increase in growth is largely attributed to Malaysia’s recovering economy and optimism of the business community to actively engage consumers in tandem with the higher GDP growth forecast for 2010.
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