KUALA LUMPUR (May 24): Media Prima Bhd's first quarter net loss narrowed to RM21.83 million from a net loss of RM38.47 million a year earlier, on higher revenue and lower operating expenses.

In a statement to Bursa Malaysia, Media Prima said today that revenue rose to RM280.67 million in the first quarter ended March 31, 2018 (1QFY18), from RM272.2 million. Operating expenses dropped to RM302.42 million, from RM312.74 million.

"Revenue for the financial period 31 March 2018 increased by 3% against the previous financial period, due to higher revenue for digital advertising, content and commerce revenue.

"The group will continue its transformation journey and increase efforts to accelerate revenue-generating initiatives by maximising available assets and leveraging on extensive reach via its strong brands on digital and non-digital platforms," Media Prima said.

At 12:30pm, Media Prima shares settled at 35.5 sen, with 1.66 million units traded. The company said its latest reported net assets per share stood at 67.15 sen.