This article first appeared in The Edge Financial Daily, on November 26, 2015.
KUALA LUMPUR: Media Chinese International Ltd (MCIL) posted a lower net profit of RM33.46 million in the second quarter ended Sept 30, 2015 (2QFY16), down 24.14% from RM44.11 million a year ago, mainly due to a negative currency impact and lower revenue from the publishing and printing segment.
Revenue fell 20.03% to RM427.71 million from RM534.81 million in 2QFY15, its filing with Bursa Malaysia showed. Nevertheless, it proposed an interim dividend of 1.93 sen (or US$0.5 cents) for FY16, payable on Dec 23.
In the six-month period (1HFY16), MCIL’s net profit declined 10.21% to RM72.32 million, or 4.31 sen per share, from RM80.54 million, or 4.79 sen per share, in 1HFY15, due to weak market conditions and a significant negative currency impact.
Revenue fell 16.81% to RM867.14 million from RM1.04 billion in 1HFY15.
In a statement, MCIL group chief executive officer Francis Tiong said he foresees another challenging half year ahead amid uncertainties in global economic activities and continued volatility in the currency market.
“On a positive note for the group’s operations in North America, it is expected that the operating environment may improve in 2HFY16 in light of the recent improving US economy,” he said.