Friday 29 Mar 2024
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KUALA LUMPUR (Sept 24): Berjaya Media Bhd, the publisher of The Sun newspaper, has reported a bigger loss in its latest quarterly financial results mainly due to a decrease in revenue.

The Practice Note 17 (PN17) company said net loss for the first quarter ended July 31, 2018 widened to RM2.75 million, from RM1.49 million a year ago. Loss per share rose to 1.17 sen from 0.63 sen.

Quarterly revenue fell 27.22% to RM7.37 million from RM10.12 million a year ago, mainly due to lower advertising income reported by subsidiary Sun Media Corporation Sdn Bhd.

In a filing with Bursa Malaysia, Berjaya Media said it will continue to focus on containing its cost and improving advertising revenue.

But it said it expects conditions to remain challenging amid prevailing economic conditions, which will impact the advertising and promotion budgets of most corporate clients and advertisers.

Besides initiating more marketing efforts amid the challenging environment, the group said it is exploring other options to turn around its business.

“The board has been exploring other options (including diversifying into new businesses outside the media sector) to strengthen the financial position of the group with the key objective of regularising its PN17 condition,” it said.

Two months ago, Berjaya Media said it had been granted an extension of time up to Dec 20, 2018 to submit a regularisation plan to the regulatory authorities.

The group had slipped into PN17 status in June 2017 after its shareholders’ equity fell short of listing requirements.

Berjaya Media’s share price fell four sen or 21.05% to 15 sen today, with a market capitalisation of RM42.24 million.

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